Sino Land's (0083) underlying profit inched down by 1 percent to HK$5.12 billion for the twelve months that ended in June as its chairman expressed cautious optimism regarding the city’s real estate market, citing mega events uplifting tourism alongside a rising new listing market.
The developer declared a final dividend of 43 HK cents. Together with the interim dividend, the full-year payout stands at 58 HK cents.
Net profit for the period, which includes a revaluation loss on investment properties, slid nearly 9 percent year-on-year to HK$4.02 billion. Revenue fell nearly 7 percent to HK$8.18 billion.
Property sales revenue gained 21.6 percent to more than HK$10.8 billion while rental income dipped 1.8 percent to HK$3.49 billion amid challenges in the retail sector and sluggish commercial buildings leasing, with overall occupancy rates dropping 1.2 percentage points to 89.6 percent.
Outgoing chairman Robert Ng Chee Siong said the Hong Kong property market’s mid- and long-term resilience has been boosted as recent large-scale international events have lifted local tourism and the city's initial public offering market has recorded active performance.
Ng will be succeeded by his eldest son Daryl Ng Win Kong, who will take over his positions as chairman and executive director of the Sino Group companies, effective August 31.
As of June's end, Sino had net cash of HK$49.5 billion.
Meanwhile, Sino Hotels (1221) recorded a net profit of HK$103.3 million for the year that ended in June, surging 60 percent year-on-year. Revenue, however, dropped 8 percent to HK$123.1 million.
It declared a final dividend of 1.5 HK cents.
Tsim Sha Tsui Properties (0247) reported a full-year net profit of HK$2.33 billion – a 7 percent decline – and declared a dividend of 43 HK cents per share.
STAFF REPORTER
