Property sales have again buoyed department store operator Sincere's gains, with attributable profit jumping to $139.41 million in the year to the end of February from $24.74 million in the previous year.
Managing director Philip Ma King-huen said profit growth was almost entirely the work of property sales in Hong Kong and San Francisco. The company's department stores in Hong Kong and the mainland had continued to lose money for the third straight year.
He warned of further losses at the stores next year because the retail market was not expected to see significant improvement in the coming 12 months.
He also hinted the company's profit in the coming year would rely mostly on the sales of residential projects in London.
The company's six Sincere department stores in Hong Kong and four in the mainland saw their operating losses narrow slightly to 'several tens of millions' last year, he said.
Launched 15 months ago, the jointly owned restaurant Movenpik Marche on the Peak remained in the red as it was hit by the tourism and retail downturn, he said.
