Hysan underlying profit declines 7pc

Business | Staff reporter 26 Feb 2021

Hysan Development (0014) said underlying profit fell 7.3 percent year-on-year to HK$2.39 billion in 2020.

As of December 30, about 32 percent of its retail leases expire in 2021 in terms of area occupied. Lease renewals may prove challenging this year as the economic outlook is still uncertain, said chief financial officer Roger Hao Shu-yan.

Net losses were HK$2.54 billion last year compared to a net profit of HK$4.84 billion in 2019, mainly due to fair value changes of investment properties of the group and its associates between two years.

The largest landlord in Causeway Bay declared a second interim dividend of 117 HK cents per share. Basic losses per share was 244 HK cents.

Revenue fell 7 percent to HK$3.71 billion, with Covid-19 affecting all its three business sectors.

As of December 31, the occupancy rate of its office portfolio was 95 percent, and the occupancy rate of its retail portfolio was 96 percent. The occupancy rate of its residential portfolio was 74 percent.

As of December 31, office properties made up around 55 percent of the group's investment portfolio by gross floor area, with retail properties accounting for around 30 percent.

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