New World Development underlying profit drops to HK$3.7b

Business | 26 Feb 2021 6:44 pm

New World Development (0017) said interim net profit fell by 0.4 percent to HK$1.01 billion year-on-year for the six months ended 31 December 2020.

NWD declared an interim dividend of HK$0.56, same as last year.

Adrian Cheng Chi-kong, executive vice-chairman and chief executive, said he believes that the worst is over.

Cnsolidated revenues were HK$35.58 billion, up 9.6 percent from the previous year.

The underlying profit was HK$3.72 billion, down by 5 percent.

Attributable contracted sales in Hong Kong were about HK$26.3 billion, compared to its sales target of HK$20 billion.

Overall contracted sales in mainland China were about 11.2 billion yuan (HK$13.45 billion), which achieved 56 percent of its annual contracted sales target of 20 billion yuan.

Thanks to an improvement in the overall occupancy rate, gross rental income in Hong Kong and mainland China was up by 7.1 percent and 3.6 percent respectively.

New World completed the disposal of non-core assets totaling about HK$5.9 billion. From July 1 2020 to the end of February 2021, the total proceeds of non-core assets disposal was HK$12.8 billion.

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