Hang Lung Group underlying income slides by 19pc to HK$1.45b

Business | 30 Jul 2018 2:59 pm

Hang Lung Group Limited (0010), reported today underlying net profit for the six months to June 30, fell by 19 percent to HK$1.45 billion.

Net profit invcreased by 27 percent to HK$3.03 billion, after including a revaluation gain on properties. Earnings per share increased to HK$2.23.

Group revenue dropped by 18 percent to HK$5.45 billion because fewer residential units were sold, the group said.

Revenue from property leasing increased by 7 percent to HK$4.42 billion.

Property sales revenue dropped by 59 percent to HK$1.03 billion.

Total operating profit fell by 18 percent to HK$3.9 billion.

The company declared an interim dividend of HK 19 cents per share.

In assessing mainland China’s prospects for future growth, the group remained hopeful even with the US-China trade war looming, and looked specifically at prospects of store opening and relocations in premium shopping facilities.

Hong Kong’s commercial portfolio witnessed a 3 percent growth to HK$1.16 billion, and occupancy also grew: from 94 percent to 97 percent. Retail sales also saw improvement, growing by 8 percent and overall income on the Causeway Bay portfolio grew to HK$313 million, a 5 percent increase.

Income of office properties in Hong Kong was up by 3 percent to HK$708 million because of positive rental reversions.

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