NWS Holdings, the infrastructure and services arm of New World Development, yesterday reported a double-digit jump in annual earnings, boosted by a construction boom in Macau and a buoyant stock market.
Net profit jumped 21.06 per cent to HK$2 billion in the 12 months to June, while underlying earnings climbed 18 per cent to HK$2.29 billion.
Turnover increased 19.96 per cent to HK$15.05 billion.
Operating earnings from the service and rental unit, which includes facilities rental, contracting and financial services, generated 50 per cent of underlying profit compared with 42 per cent in the previous year.
Following the acquisition of Taifook Securities, operating profit from financial services soared 115 per cent to HK$141.6 million, helped by the buoyant stock market.
Contracting services increased 57 per cent to HK$255.9 million and, by the end of June, the group had secured contracts totalling HK$35.9 billion, of which 36.5 per cent were for projects in Macau.
'The construction boom in Macau has helped growth in the contracting business,' said executive director Tsang Yam-pui. 'Macau contracts have a higher margin that those in Hong Kong.'
