Lai Sun doubles full-year profit

Business | Samantha Wong 26 Oct 2018

Lai Sun Development (0488) posted a more than 100 percent increase in full-year profit to HK$4.34 billion, due mainly to a substantial increase in the revaluation of investment properties.

The board will pay a final dividend of 10.80 HK cents per share for the year ended July 31, up from 10 HK cents a year ago. Basic earnings per share was HK$7.16, up from HK$3.47. Revenues of the group were HK$1.69 billion, down slightly from HK$1.7 billion.

Deputy chairman Chew Fook-aun said: "The property sector in Hong Kong as a whole continued to show resilience and robustness despite an increasingly uncertain global economic outlook."

Its joint venture project with the Urban Renewal Authority in Shau Kei Wan's Monti, providing 144 residential units, was launched for pre-sale in August but only 10 units have been sold to date at an average selling price of HK$21,200 per square foot.

Construction of Monti is expected to be completed in the third quarter of 2019.

Despite the softened economic sentiment and weakened retail activity, he said the group's Hong Kong properties performed steadily at nearly full occupancy levels.

Lai Sun has a rental portfolio of approximately 1.8 million sq ft of which about 1.3 million sq ft is located in Hong Kong.

During the year, the group's rental operations recorded a turnover of HK$704.5 million, up 2.6 percent.

The group said construction of the Hong Kong Ocean Park Marriott Hotel, to be operated by the Marriott group, has been completed and the hotel license was issued by the Hotel and Guesthouse Accommodation Authority earlier this month.

With its opening scheduled on October 29, the Ocean Hotel will provide a total of 471 rooms and approximately 365,974 square feet of attributable rental space to the existing rental portfolio.

In its UK portfolio, the group said the City of London's Planning and Transportation Committee has approved a resolution to grant planning consent to redevelop the three properties on Leadenhall Street in London, comprising 100, 106 and 107 Leadenhall Street.

The Leadenhall Properties currently have a combined gross floor area of approximately 344,230 sq ft.

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