Hopson Development Holdings said first-half underlying profit slumped 47.82 per cent because of delays in completion of its projects.
Underlying profit, excluding a HK$130 million gain from property revaluation and an acquisition, dropped to HK$168 million for the six months to June from HK$322 million a year earlier.
Including those gains, net profit fell 4.07 per cent to HK$419.26 million from HK$437.06 million, while turnover dived 29.65 per cent to HK$1.42 billion.
The mainland developer blamed the decline in earnings on delayed project completions in Beijing. Some projects such as Tianjin Jingin New City also needed to be revised to meet the government's new requirement, it said.
Hopson was also hit by a 55.89 per cent surge in tax expenses to HK$280 million in the first half.
The company delivered a gross floor area of 173,074 square metres in the first half, down 57.32 per cent from a year ago. As a result, revenue from property sales dropped 32.55 per cent to HK$1.28 billion.