Shun Tak Holdings said half-year profit jumped 159.93 per cent as a gain from revaluation of investment properties more than offset lower dividends from its 15.8 per cent-owned casino operator controlled by Stanley Ho Hung-sun.
Net profit jumped to HK$677.6 million in the first half from HK$260.7 million a year ago.
Turnover rose 12.29 per cent to HK$1.37 billion.
Revaluation gain jumped to HK$291.2 million from HK$22.7 million. The gain stemmed from a wholly owned hotel site in Macau and a 79 per cent-owned columbarium development in the city's Taipa district, a spokeswoman said.
The hotel site will generate a total gross floor area of 200,000 sq ft, while the Taipa site can be developed into property with a gross floor area of 70,000 sq ft.
However, its investment income, mainly dividends from the 15.8 per cent-owned Sociedade de Turismo e Diversoes de Macau (STDM), plunged 39.44 per cent to HK$68.95 million in the first half from HK$113.87 million a year ago.
Dividends from STDM, which owns 80 per cent of casino operator Sociedade de Jogos de Macau (SJM), fell 43.87 per cent to HK$60.9 million from HK$108.5 million.