Kowloon Development issues warning despite earnings rise

Property investor Kowloon Development saw attributable profit rise 5 per cent to $269.62 million last year, but warned of a tough year ahead. Turnover jumped 22.6 per cent to $454.68 million, while operating profit rose nearly 24 per cent to $297.57 million. The directors proposed an 18 cents final dividend, up from 15 cents a year before. This took the full-year payout to 26 cents, up 18 per cent. The firm booked a $60 million profit after a buyer walked away from a deposit on a $300 million deal for 29,000 square feet of retail space in Garden Arcade, Nam Tin.