Fortune REIT's distributable income drops 10pc

HSBC seeks new UK boss

HSBC (0005) is searching for a new chief executive for its UK division as Ian Stuart, who's held that role for eight years, takes on a new position as group customer and culture director.

Prudential in IPO move

Prudential (2378) is considering seeking a valuation of about US$12 billion (HK$93.6 billion) for ICICI Prudential Asset Management in a potential initial public offering of the Indian unit, according to people familiar with the matter.

Bond repayment plan

Dalian Wanda Commercial Management Group is considering repaying its three outstanding onshore bonds ahead of their due dates in a bid to save interest expenses, people familiar with the matter said.

Techtronic fares well

Techtronic Industries's (0669) net profit rose by 15 percent year-on-year to US$1.12 billion in 2024 as new innovative power tools drove up its gross margin. The Hong Kong-based power tools maker declared a final dividend of HK$1.18, up by 20 percent from a year ago.

Fortune Real Estate Investment Trust (0778) yesterday said its income available for distribution dropped by 10.8 percent to HK$723.4 million last year and that it trimmed the full-year distribution per unit by 11.9 percent to 35.59 HK cents.

The distribution payout ratio remained unchanged at 100 percent, with a yield of 8.37 percent based on its closing price of HK$4.25 yesterday.

Fortune REIT's gross revenue declined by 2.2 percent to HK$1.75 billion for 2024 due to sales leakage to competitive markets and the changing consumption preferences of both local customers and tourists, according to a filing on Tuesday.

Negative rental reversions from certain sectors also contributed to the decrease, albeit partially offset by an overall improvement in average occupancy, the filing said.

In the second half of 2024, revenue inched down by 0.3 percent from a year earlier, while it endured a 4.1 percent drop in the first half.

Net property income for the year decreased by 3.5 percent to HK$1.25 billion.

The REIT's tenant retention remained high at 79 percent, while the occupancy rate of its properties went up by 0.6 percentage points to 95 percent as of the end of last year.

Staff reporter