Property developer Sino Land yesterday posted a 46.55 per cent fall in net profit to HK$262.79 million for the year to June 30 despite turnover surging 81.87 per cent.
Earnings were hit by about HK$509 million in unrealised holding losses, impairment losses and losses on disposal of securities investments. Turnover increased to HK$2.71 billion from HK$1.49 billion previously on the back of higher property sales.
The company's earnings per share were 6.81 HK cents, compared with 13.18 HK cents previously. A final dividend of two HK cents per share was declared, making a total payout of four HK cents for the year.
During the year, parent Tsim Sha Tsui Properties made a HK$34.06-million loss, compared with a HK$40.83-million profit a year earlier. No dividend was recommended.
Sino Hotels (Holdings), majority-owned by Tsim Sha Tsui Properties' major shareholder, the Ng family, saw profit dip 3.6 per cent - to HK$49.84 million.
A final dividend of one HK cent per share will be paid.