Kerry Properties profit slides by 19pc to HK$7.5b

Business | 15 Mar 2019 1:39 pm

Kerry Properties (0683) said today net profit for 2018 fell by 19 percent on-year to HK$7.5 billion.

Before taking into account the effects of the increase in fair value, the developer recorded a decrease of 50 percent in net profit to HK$3.35 million. This was mainly due to the adoption of new accounting standards starting from January 1 2018.

The provision for impairment loss for property under development in Macau amounted to HK$1.18 billion, and the recording of net decrease in fair value on financial assets at fair value through profit or loss amounted to HK$1.46 billion, the company said.

The basic Earnings per share fell by 19 percent to HK$5.16.

Turnover fell by 39.71 percent on-year to HK$21.43 billion. Gross profit declined by 7.62 percent to HK$9 billion.

The board declared a final dividend of 95 HK cents per share.

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