Shui On Land in 1.6b yuan loss

Shui On Land (0272) reported a net loss of 1.62 billion yuan (HK$1.82 billion) for the first half this year. Profits from its core business plunged by 93 percent from a year ago to 117 million yuan.

Losses per share were 20.2 fen and the company declared no interim dividend. The company expects it will fulfil its full-year residential sales target of 14 billion yuan with seven projects to be launched in the second half.

Meanwhile, Longfor (0960) reported its net profit for the first half this year rose 0.5 percent from a year ago to 6.34 billion yuan (HK$7.13 billion) and expects to have over 20 percent year-on-year profit growth for this year.

The developer's core profit totaled 5.27 billion yuan, up 12.1 percent from a year before. Earnings per share were 1.08 yuan and the company declared an interim dividend of 40 fen.

Revenue for the first six months this year rose 32.6 percent to 51.14 billion yuan.

The developer has offered rental reliefs of around 500 million yuan during the coronavirus pandemic.

This came as China Resources Land (1109) said its first-half net profit fell 9 percent to 11.54 billion yuan with the core profit rising 3 percent to 8.37 billion yuan. Earnings per share were 1.62 yuan and the developer declared an interim dividend of 15 fen.

Elsewhere, Country Garden Services (6098) announced its net profit soared 60.9 percent year-on-year to 1.31 billion yuan in the first six months, but did not declare an interim dividend.