Sun Hung Kai Properties (0016) said its underlying net profit increased 16.7 percent year-on-year to HK$12.2 billion in the six months ended December 31 last year and lifted its interim dividend by 3 percent to 98 HK cents.
Its net profit, which includes fair-value changes on investment properties, increased 36.2 percent to HK$10.25 billion, supported by a rebound in the city's residential property market.
Hong Kong's largest property developer's revenue rose 32 percent to HK$52.71 billion.
Profit from property sales increased 94.93 percent to HK$4.89 billion. Contracted sales decreased from HK$25.5 billion in the same period last year to HK$18.9 billion in attributable terms, including HK$17.4 billion from Hong Kong and about 1.3 billion yuan (HK$1.49 billion) from mainland China.
Gross rental income remained flat year-on-year at HK$12.29 billion, while the net rental income dropped by 1 percent year-on-year to HK$8.95 billion, amid a steady inflow of non-local talent and students, which further supports the residential sales market.
The group's attributable land bank in Hong Kong amounted to some 57.3 million square feet by the end of last year.
Looking ahead, the property giants mentioned that "lower mortgage interest rates, rising home rents and an uptick in home prices will support solid home purchase demand, extending the gradual recovery of the residential market".
