Sea Holdings records strong increase in full-year earnings

Property developer Sea Holdings has recorded a sharp increase in attributable profit to $284.6 million in the six months ended June 30, from $139.2 million in the corresponding period last year.

Turnover increased 96.7 per cent to $787.3 million, and fully diluted earnings per share doubled to 40 cents.

The company announced an interim dividend of four cents per share to be paid on October 23.

The company said June sales of its Ying Piu Mansion, at Mid-Levels, were satisfactory and contributed considerable profits to the company. Its residential development project in Sheung Shui, 55 per cent of which the company still owes, was still in the planning stages, it said.

Construction of the New Century Plaza in Chengdu, Sichuan province, was expected to be completed by the end of next year, while structural works on the Overseas Exchange Square, also in Chengdu, was on course to be finished by December.

The construction of Lloyd's Building in Guangzhou has been completed and the property would be offered for sale shortly, the company said, adding that the Westin Plaza in Guangzhou was still in the planning stages.