Hopewell Holdings' net profit jumped 151 per cent to HK$4.22 billion in the year ended June on the strength of its Broadwood Twelve property project in Hong Kong and its power plant in Heyuan, Guangdong province.
Turnover climbed 42 per cent to HK$4.38 billion.
Hopewell recorded a fair value gain of HK$2.24 billion on completion of the 45-storey Broadwood Twelve residential project in Broadwood Road, Happy Valley. The project offered 21 units for sale in June, of which 10 were sold by August 23, generating proceeds of HK$410 million.
'We have kicked off Broadwood Twelve's sales and received encouraging response from the market. We are optimistic that this project would generate further income,' managing director Thomas Jefferson Wu said.
The Heyuan power plant, a joint venture between Hopewell and Shenzhen Energy Group, made a net profit of 106 million yuan (HK$121.15 million), against a 7 million yuan net loss in the previous year. Turnover leapt 431 per cent to 929 million yuan.
Excluding changes in fair value of properties and exceptional items, Hopewell's core profit attributable to shareholders increased 10 per cent to HK$1.03 billion.