Hang Lung Development's net profit slumped 59.52 per cent to $1.02 billion after the property firm made an unexpected $1.33 billion provision for the year to June 30.
The huge provision for property developments hit Hang Lung's share price hard in afternoon trading yesterday.
The stock fell 35 cents, or 5.22 per cent, to $6.35.
Hang Lung's investment property arm Amoy Properties fared better with earnings rising 6.42 per cent to $2.65 billion. Amoy shares surged 37.5 cents or 7.69 per cent to close at $5.25.
Hotel subsidiary Grand Hotel Holdings saw profit slip 47.99 per cent to $119.2 million but announced a $381.7 million special cash bonus payout.
Grand Hotel's A shares went up 45 cents, or 38.79 per cent, to $1.61 while B shares rose 3.9 cents or 34.51 per cent to 15.2 cents.