HON Kwok Land Investment saw attributable profit slump 43.3 per cent to $230.97 million for the year to March 31 after a decrease in property sales.
Earnings per share were 30.9 cents, down 43 per cent from the previous year's 54.4 cents.
Fully diluted earnings per share were 28.8 cents.
The previous year's profit had been inflated substantially as a result of the completion of two pre-sold property development projects, which Hon Kwok said should not form a fair basis for comparison purposes.
Group chairman James Wong Sai-wing said: 'A slowdown in earnings for the year under review was expected as a timely correction, so as to pave the way for a more steady earnings growth for the years to come.' The company has recommended a final dividend of 9.5 cents per share, the same as the previous year.
Together with the interim dividend of 3.5 cents per share, total dividends for the year came to 13 cents.