Kerry Properties aims to sell HK$10 billion worth of properties in Hong Kong and in the mainland after it reported a 59 per cent increase in underlying full-year profit.
For the year to December, it said core earnings were HK$3.4 billion, driven by strong property sales in Hong Kong.
Taking into account a HK$2.9 billion revaluation gain on investment properties, net profit was HK$6.31 billion, up 44 per cent from the a year earlier. Turnover for the year to December rose 64 per cent to HK$21.22 billion. A final dividend of 52 HK cents was declared, up 30 per cent from 2009.
Net profit from the Hong Kong property division was HK$3.91 billion, inclusive of a HK$1.95 billion revaluation gain on investment properties. In the period, it launched Island Crest in Sai Ying Pun and Larvotto, a joint venture with Sun Hung Kai Properties in Ap Lei Chau. Its mainland property division recorded underlying profit down 0.6 per cent to HK$641 million last year.
Net earnings from logistics network division rose 33 per cent to HK$797 million, while infrastructure division was HK$82 million, increased 17.14 per cent from 2009.
Louis Wong, chief financial officer, said the developer planned to offer 1.8 million square feet of real estate in the mainland and 750,000 sq ft in Hong Kong this year. It raised contract sales target by 17 per cent to HK$10 billion this year, from HK$8.5 billion in 2009, he said.