Henderson Land underlying income sinks by 52pc to HK$6.7b

Business | 21 Aug 2019 7:26 pm

Henderson Land Development (0012) reported today underlying net profit for the first half plunged by 52 percent to HK$6.7 billion.

Net profit including the impacts from fair value changes was HK$7.51 billion, down by 50 percent from a year ago.

The decrease in net profit was mainly due to an income of HK$8.4 billion last year from the disposal of its development projects, as well as unrecognized sales revenue which will be reflected in the final results this year, Henderson Land said.

The pre-tax profit from property sales amounted to HK$1.1 billion, representing a sharp drop of 72 percent period-on-period mainly due to the absence of profit contribution of HK$2.78 billion from the disposal of the entire residential development project in Tuen Mun last year.

Pre-tax net rental income grew by 1 percent year-on-year to HK$3.58 billion, while pre-tax underlying profit from the disposal of investment properties fell by 78 percent year-on-year to HK$1.37 billion.

Henderson Land declared an interim dividend of 50 HK cents.

Henderson Investment (0097), meanwhile, reported net profit of HK$21 million for the first six months, down by 56.25 percent compared with the same half of last year.

Revenue grew by 76.72 percent year-on-year to HK$926 million, among which its Citistore recorded a 6-percent fall in sales.

Henderson Investment decalred an interim dividend of 0.7 HK cents.



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