Updated at 6.47pm: Hong Kong-based property firm Kerry Properties on Friday reported a net profit of $1.6 billion for the sixth months to June, up 131 per cent from the same period last year.

The company said profits grew following increases in flat sales and gains from the revaluation of investment properties. Turnover grew 46 per cent to $3.85 billion from $2.63 billion in the same period last year. Profit from operations was $1.63 billion from $744.3 million.

Kerry Properties owns office and residential buildings in Hong Kong and the mainland. It also operates hotels and a logistics network, including warehouses. The company is controlled by the family of Malaysian magnate Robert Kuok Hock-nien, whose holdings also include SCMP Group, publisher of SCMP.com.