HKR International is to make a one-for-10 bonus issue after announcing a 136.15 per cent jump in attributable profit to $1.13 billion in the year ended March, boosted by strong sales at its Discovery Park development in Tsuen Wan.
Its holding company, Mingly Corp, which is also making a one-for-10 bonus issue, recorded 86 per cent growth in profit to $750.7 million after a 47 per cent rise in turnover to $4.15 billion.
About $679 million, or nearly 60 per cent, of HKR's profit came from pre-sale proceeds from more than 1,000 units in the first phase of Discovery Park, a joint venture with New World Development.
The sale of 134 units in Cresmont Villa, Discovery Bay, contributed an attributable profit of $161 million while $229 million in profit came from the company's share of sales proceeds for 230 units in Coastline Villa, Discovery Bay.
Turnover jumped 41.74 per cent to $3.91 billion, compared with $2.75 billion a year earlier.
Operating profit rose 38.92 per cent to $1.46 billion from $1.05 billion.