Sino Land underlying net plunges 24pc

Staff reporter

Sino Land's (0083) underlying profit fell nearly 24 percent to HK$2.24 billion for the second half of last year amid a sluggish property market but it maintained its interim dividend at 15 HK cents.

Net profit for the period, which included revaluation loss on investment properties, also slumped by 30.4 percent year-on-year to HK$1.82 billion.

Revenue fell nearly 22 percent to HK$3.85 billion.

Property sales revenue fell 63 percent to nearly HK$2.45 billion and rental income fell about 2 percent to nearly HK$1.75 billion, with overall occupancy rates dropping 1.3 percentage points to 89.5 percent.

The developer has five new residential projects scheduled for launch in 2025.

Meanwhile, Sino Hotels (1221) recorded a net profit of HK$43.48 million for the six months ended December, up 51 percent from 2023. However, its revenue was HK$61.33 million, down 6.7 percent. It declared an interim dividend of 1.5 HK cents, the same as the previous year.

And Tsim Sha Tsui Properties (0247) reported a 28.9 percent decline in its interim net profit to HK$1.04 billion, and declared an interim dividend of 15 HK cents per share.