Sino Land full-year bottom line slips to $262.8m
Property developer Sino Land yesterday posted a 46.55 per cent fall in net profit to HK$262.79 million for the year to June 30 despite turnover surging 81.87 per cent.
Earnings were hit by about HK$509 million in unrealised holding losses, impairment losses and losses on disposal of securities investments. Turnover increased to HK$2.71 billion from HK$1.49 billion previously on the back of higher property sales.
The company's earnings per share were 6.81 HK cents, compared with 13.18 HK cents previously. A final dividend of two HK cents per share was declared, making a total payout of four HK cents for the year.
During the year, parent Tsim Sha Tsui Properties made a HK$34.06-million loss, compared with a HK$40.83-million profit a year earlier. No dividend was recommended.
Sino Hotels (Holdings), majority-owned by Tsim Sha Tsui Properties' major shareholder, the Ng family, saw profit dip 3.6 per cent - to HK$49.84 million.
A final dividend of one HK cent per share will be paid.
Reviewing the business, group chairman Robert Ng Chee-siong said Sino Land's property sales revenue during the year was mainly derived from new projects such as Central Park, Park Avenue and Island Resort, and sales of several investment properties.
Gross rental revenue was stable at HK$1.1 billion, he said. The group's completed investment properties had increased to 8.1 million square feet from 7.7 million sq ft.
Mr Ng said the group's gearing ratio had been cut to about 23.8 per cent from 26 per cent. At the end of June, its total asset value was estimated at HK$41 billion.
Including the attributable shares of associates, Sino Land had cash resources of HK$6.86 billion - comprising HK$3.46 billion cash on hand and committed undrawn facilities of HK$3.39 billion. The shareholders fund was HK$25.7 billion and the net asset value per share HK$6.64.
During the year, the group had replenished its land bank with an additional 2.6 million sq ft of attributable floor area at fair prices, Mr Ng said.
