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Hysan rides wave of high office, shop rents

Friday, March 09, 2012

Rising rental income helped lift Hysan Development's (0014) earnings from its core business last year.

Underlying profit, or earnings excluding property revaluation gains, rose 14.1 percent from 2010 to HK$1.31 billion. Net income jumped 122.3 percent to HK$8.54 billion, or HK$8.08 per share.

The developer proposed a final dividend of 64 HK cents. Revenue climbed 9 percent to HK$1.92 billion.

Revenue from office property, accounting for 43 percent of total, climbed 6.5 percent to HK$820 million.

Chief executive officer Gerry Yim Lui-fai said most lease renewals due in the first three quarters have been wrapped up with rental revisions of up to 20 percent.

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Revenue from shops gained 12.7 percent to HK$789 million, making up 16 percent of turnover.

Hysan Place, its new project combining a shopping mall and Grade A offices on Hennessy Road, is set to open in August. More than 90 percent of retail spaces are rented.

Meanwhile, Yim will relinquish duties as chief executive from May 14. Irene Lee Yun-lien, now non-executive chairman, becomes executive chairman. Lau Siu-chuen, a non-executive director, becomes deputy chairman with immediate effect. Hysan's shares fell 1.18 percent to HK$33.45 yesterday. KAREN HA


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