NEW World Development's profits have dived 20.6 per cent to $3.41 billion, making it the first of the top-flight developers to post a drop in annual earnings since the Government introduced real estate market cooling measures.
Despite depressed sales, all other Hang Seng Index constituent property development giants increased profits in their latest corporate results.
Sun Hung Kai Properties increased its annual profits by 17.5 per cent to $10.36 billion for the year to June 30, Hang Lung Development's rose 6.9 per cent to $2.16 billion, while Henderson Land Development's climbed 16 per cent to $7.03 billion.
Li Ka-shing's Cheung Kong (Holdings), which is only at interim stage, recently posted a hefty 33 per cent jump in half-year earnings to $5.94 billion, taking everyone by surprise.
New World failed to disclose how much profits it booked from particular developments in its results statement yesterday, leaving analysts and shareholders guessing.
Disappointing apartment sales at New World's Crestmont Villa development in Discovery Bay and Blessings Garden project in Mid-Levels were being largely blamed for the fall.
