Sino Land net dives 53pc to $1.2b

Business | Winnie Lee 26 Feb 2021

Sino Land (0083) yesterday reported a net profit of HK$1.29 billion for the six months ended December 2020, down 53.7 percent year-on-year.

Basic earnings per share were 18 HK cents and the developer declared a dividend of 14 HK cents.

Underlying profit fell 21.3 percent year-on-year to HK$2.14 billion.

Looking ahead, Sino Land believed the residential market in Hong Kong remains resilient and fundamentally sound as interest rates are likely to stay at a low level for a relatively long period of time, along with steady demand and favourable mortgage terms.

Its Sino Hotels (1221) recorded and interim net loss of HK$45.5 million, compared to a net profit of HK$6.46 million for the corresponding period in 2019.

Revenue fell nearly 52 percent from a year ago to HK$52.36 million.

The average occupancy rates for City Garden Hotel was 85.6 percent, The Royal Pacific Hotel & Towers was 26.5 percent, and the Conrad Hong Kong was 18.5 percent.

As of the end of December, the group had cash and bank deposits of more than HK$950 million.

Its parent company Tsim Sha Tsui Properties (0247) said its interim net profit plunged 54 percent year-on-year to HK$690 million.

It declared interim dividend of 14 HK cents. Letting out fair value change of investment property, the core profit slumped by 20 percent to HK$1.16 billion from a year ago.

Its Madison Park in Cheung Sha Wan was 97 percent sold, 133 Portofinoin Sai Kung was 24 percent sold and Dynasty Park Phase III in Zhangzhou was 64 percent sold.

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