Staff reporter
Sino Land (0083) posted a 42 percent decline in net profit to HK$2.46 billion for the six months ended December, while declaring an interim dividend of 15 HK cents, similar to the previous year.
The developer's underlying net profit, excluding the effect of fair-value changes on investment properties, also dropped 35.8 percent to HK$2.8 billion.
Chairman Robert Ng Chee-siong said the firm remains cautiously optimistic about the local property market and has six new projects of 2,077 flats to be launched this year.
Villa Garda Phase 3 in Tseung Kwan O, One Central Place in Central, and Grand Mayfair Phase 2 in Yuen Long are among the six upcoming projects.
Sino Land's revenue from property sales during the six months slumped 54 percent yearly to HK$3.9 billion, mainly from the completed projects.
The rental revenue slid 3.8 percent to HK$1.73 billion, largely due to the negative rental reversion and decreased office occupancy rate amid the fifth wave of the pandemic.
Sino Hotels (1221), a subsidiary of Sino Land, narrowed its net loss by 7.2 percent to HK$51.5 million over the same period, with no dividend proposed.
The total revenue advanced 9.5 percent to HK$68.26 million, while the income from hotel operations rose 8.2 percent to HK$46.76 million.
Tsim Sha Tsui Properties (0247), the parent of Sino Land, said its net profit declined 40.9 percent to HK$1.37 billion during the six months that ended in December and maintained an interim dividend of 15 HK cents.
Its underlying profit shrank 34.9 percent to HK$1.56 billion over the same period, and the interim revenue plunged 41.3 percent to HK$6.41 billion.
