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Yvonne Liu

Regal Hotels International Holdings, Paliburg Holdings and Century City International Holdings yesterday posted significant growth in first-half net profit,  driven by the spin-off of Regal Real Estate Investment Trust.

The group generated a gain of HK$2.32 billion from spinning off its five hotels through the Regal Reit in March.

Regal Hotels said its first-half net profit jumped 703.15 per cent to HK$2.49 billion, from HK$310.8 million in the previous year, while  turnover rose 2.25 per cent to HK$622 million.

The company declared an interim dividend of 0.3 HK cent.

Regal Real Estate Investment Trust, the only hotel property trust in Hong Kong,  reported first-half distributable income of HK$156 million for the period from December 11 in 2006 to June 30 this year.

Its distribution represents 5.7 HK cents per unit while its net assets value per unit as at June 30 was HK$3.35.

Its first-half profit was HK$2.16 billion while gross rental revenue was HK$204 million.

Regal  Portfolio Management chairman Lo Yuk-sui yesterday said: 'Regal Hotels will focus on the expansion of  operations.   We are keen to look for hotel projects in the mainland to inject into Regal Reit.'

The company   will seek hotel properties in first-tier cities such as  Beijing and Shanghai, and second-tier cities such as Lijiang in Yunnan,  chief executive Kai Ringenson said.

The trust aims to add 10 to 20 four- and five-star mainland hotels over the next four to five years. 'But it's hard to say when the acquisition of the first project will be finalised,' Mr Ringenson said.

Shares in Regal Reit climbed 2.16 per cent yesterday to HK$2.37 while Regal Hotels dropped 1.72 per cent to 57 HK cents.

Paliburg's  half-year net profit jumped 473.93 per cent to HK$1.2 billion as turnover climbed 156.67 per cent to HK$221 million.

The company generated HK$120 million from the sale of 10 duplex units and car parks in Rainbow Lodge in Yuen Long and a site on Sharp Island, Sai Kung.

Its Beijing development project has been delayed  as the developer seeks  time to secure development rights to phase two and resolve relocation and compensation arrangements with existing  occupiers.

Century City, an energy and natural resources company, posted a 501 per cent jump in net profit to HK$628 million for the six months to June from HK$104.6 million a year  earlier. Turnover climbed 180.43 per cent to HK$242 million.

Mr Lo said the company decided not to  pursue a natural gas project in the United States, but  would  look for natural gas projects in the mainland.

Paliburg  shares climbed 1.25 per cent to 33.5 HK cents yesterday, while Century City rose 2.62 per cent to  23.5 HK cents.



Regal group posts jump in first-half profit