Sino Land (0083) recorded a 6.4 percent decline in underlying profit to HK$4.8 billion for the year ended June, but kept the final dividend unchanged at 43 HK cents.
Net profit, which included a smaller revaluation loss on investment properties of HK$192 million, jumped by 14 percent to HK$4.6 billion.
Revenue for the year rose by 13.3 percent to HK$9.3 billion, of which, property sales soared by 38.5 percent to HK$4 billion while that of the property rental segment inched down to HK$2.7 billion.
The developer’s contracted sales in Hong Kong, including projects managed by partners, exceeded 3,500 units during the year, generating HK$12.1 billion in attributable sales proceeds, it said.
It had a land bank of approximately 19.4 million square feet of attributable floor area in the mainland, Hong Kong, Singapore and Sydney as of June.
Sino Land, together with its cross-sector joint venture partners, was awarded the development project for the Hung Shui Kiu Pilot Area, the first pilot area in the Northern Metropolis earlier.
It demonstrated the developer’s confidence in Hong Kong and aligns with the strategic directions of the National 15th Five-Year Plan, which states the accelerated development of the Northern Metropolis as a key priority of the SAR’s future growth engine, said chairman Daryl Ng Win-kong.
Tsim Sha Tsui Properties (0247), the parent of Sino Land, logged a 4 percent drop in underlying profit to HK$2.8 billion in the year ended June.
After taking into account the revaluation loss on investment properties of HK$109 million, net profit grew by 16.9 percent to HK$2.7 billion for the year.
It proposed a final dividend of 43 HK cents, flat from a year ago.
Revenue for the year gained 13.3 percent to HK$9.33 billion.
Sister company Sino Hotels (1221), meanwhile, saw its net profit fall by 5.6 percent to HK$97.5 million in the year through June.
The decrease was primarily attributed to an unrealised fair value loss of HK$13.4 million on a financial instrument, compared with an unrealised fair value gain of HK$7.8 million in the prior year.
A final dividend of 1.5 HK cents was declared, the same as the last financial year.
Revenue for the period climbed by 3.5 percent to HK$127.5 million.
During the year, gross income generated from operations of City Garden Hotel, Conrad Hong Kong, and The Royal Pacific Hotel & Towers was HK$106.0 million, HK$571.9 million and HK$291.5 million, respectively.
City Garden Hotel recorded improved operating performance in the year, supported by pre-agreed annual step-up rates and stringent cost control measures, the company said.
Conrad Hong Kong and The Royal Pacific Hotel & Towers delivered performance improvements, benefitting from the increase in both business and leisure travel demand, which supported stronger room and food and beverage margins.
Both hotels also achieved higher average room rates compared to the last financial year.
