New | Hang Lung Properties in Hong Kong core profit up 98 per cent, revenue jumps 293 per cent
Hang Lung Properties saw its core profit increase 98 per cent to HK$10.02 billion last year, driven by a sharp increase in property sales.
Revenue from property sales of the company whose chairman is Ronnie Chan Chi-chung jumped 293 per cent to HK$9.81 billion, while property rental income gained 9 per cent to HK$7.21 billion.
“The group took advantage of improved market sentiments in the Hong Kong residential market by selling a total 412 residential units and some car parking spaces in 2014,” said Chan in a company statement filing to the Hong Kong Stock Exchange.
He said overall profit margin was 75.6 per cent.
The firm saw its net profit expand 62 per cent to HK$11.7 billion due to the smaller revaluation gains on investment properties. Last year, it recorded HK$1.7 billion in revaluation gains on investment properties, down 31.3 per cent from HK$2.48 billion in 2013.
Turnover increased 86 per cent to HK$17.03 billion, from HK$9.13 billion a year ago.
The firm announced a final dividend of 59 HK cents, up two per cent from 58 HK cents a year ago.
