Citic posts HK$53.9b income, real estate profit drops

CITIC (0267) said net profit last year grew by 7.29 percent from a year before to HK$53.9 billion, worse than the market expectation.
Earnings per share were HK$1.85 and a final dividend of 28.5 HK cents was declared, totaling a full-year dividend of 46.5 HK cents, up 13 percent from a year ago.
The conglomerate's revenue grew by 6.23 percent year-on-year to HK$566.5 billion in 2019.

Net profit from the financial segment climbed by 3 percent year-on-year to HK$42.8 billion, with profit from China CITIC Bank up by 8 percent over a year earlier.
Net profit from the group's manufacturing segment increased by 26 percent from a year ago to HK$7.6 billion, driven by significant profit growth in the special steel business as well as the booking of HK$1.4 billion from the sale of a 58 percent stake in CITIC Dicastal.
Net profit from the real estate business, however, dropped by 19 percent year-on-year to HK$4.3 billion.
The group expects this year to be difficult and its 2020 performance is certain to be impacted.