Kerry Properties' underlying profit drops 22 percent to HK$2 billion last year

Kerry Properties (0683) posted a 22 percent drop in underlying profit last year to HK$2 billion due to a softer rental performance of the office segment and a higher tax charge. 

The developer kept the final dividend unchanged at 95 HK cents. Profit for the year jumped by 16 percent to HK$938 million, as fair value loss of investment properties narrowed by 39 percent to HK$1.07 billion. 

Revenue for the period was flat at HK$19.6 billion, while combined revenue that include share of associates and joint ventures soared by 17 percent to HK$25 billion. Combined revenue from Hong Kong development properties jumped by 85 percent to HK$11.8 billion, while that from mainland dropped 21 percent to HK$5.9 billion.