Strong home sales, prices lift Sino Land's results
With leasing of office portfolio stable, firm's underlying profit rises 80.5pc in first half
Sino Land's underlying profit jumped 80.5 per cent to HK$4.48 billion in the six months to December due to strong property sales as home prices hit new highs.
Including the property revaluation surplus of HK$3.63 billion, net profit soared 75.8 per cent to HK$8.11 billion from HK$4.61 billion a year ago, the company said yesterday.
It proposed an interim dividend of 12 HK cents per share, up from 10 HK cents previously.
Contributions from property sales, including those of associates, were HK$3.88 billion, up 128 per cent from HK$1.7 billion a year ago, while gross rentals grew 9 per cent to HK$1.56 billion from HK$1.43 billion.
Sino Land's hefty increase in sales came as home prices rose more than 20 per cent last year. Sales comprised mainly residential units at the Coronation in West Kowloon, Park Summit in Mong Kok and Le Sommet in Xiamen. Almost all of the flats at the Coronation and Park Summit units have been sold. Le Sommet's sold out.