Hong Kong’s Kerry Properties first half profit climbs 21 per cent
Kerry Properties announced on Thursday that profit attributable to shareholders – excluding the HK$607 million revaluation gain on investment properties - rose 21 per cent to HK$2.18 billion in the first half this year.
Turnover decreased 32 per cent to HK$4.2 billion from a year ago, mainly due to fewer property sales in Hong Kong.
“The launch of the new residential project in So Kwun Wat in the second half of the year will drive further sales for the (Hong Kong property) division. It is expected that the sales activities in Hong Kong will provide growth impetus for the group’s ongoing development,” said the company statement to the stock exchange.
In the first-half this year, turnover contributed from Hong Kong property sales fell 55 per cent to HK$1.74 billion, compared to HK$3.87 billion a year ago.
But mainland property sales rose 7 per cent to HK$2.46 billion and rental income also jumped 27 per cent to HK$1.31 billion.
An interim dividend of 30 HK cents was proposed, the same as last year.
Taking into account the revaluation gain on investment properties, net profit increased 17 per cent to HK$2.78 billion.
The company’s shares fell 0.204 per cent to trade at HK$24.45 by mid-day after the result announcement.
Kerry Properties is part of the Kerry Group, which also controls the SCMP Group, the publisher of the South China Morning Post.