Hongkong Land posts US$1.39b profit

Hongkong Land Holdings posted a 70 per cent increase to US$477 million in its underlying earnings for the first six months of the year. This compared with US$281 million in the first half of last year. Net profit was US$1.39 billion including a US$914 million gain on investment property revaluations. In the first half of 2009, the Hongkong Land had a net loss of US$402 million. Despite ongoing economic uncertainties, demand for office and retail space in Central district in the first half of 2010 was relatively robust, the company said. A dividend of 6 US cents was declared.