HANG Lung Development Co's net profit rose 26.1 per cent to $2.02 billion in the year to June 30, bolstered by a hefty increase in property development earnings.
Its property investment subsidiary, Amoy Properties, turned in a 24 per cent profit rise to $1.5 billion, while hotel arm Grand Hotel Holdings' earnings jumped 23.7 per cent to $127.7 million.
Hang Lung's performance was short of the projected 28 per cent profit rise as indicated in the analysts' consensus of the Estimate Directory, Amoy's was in line with expectations and Grand Hotel's results were better-than-expected.
During the financial year, Hang Lung saw profits from property sales rise 49 per cent to $1.62 billion, which accounted for nearly half of the group's profit before taxation.
Earnings from recurrent income of investment properties edged up 11.8 per cent to $1.46 billion, representing 44.5 per cent of total earnings.
Group chairman Ronnie Chan Chi-chung said the group spent $2.08 billion during the year to acquire about 107,300 sq metres (about 1.15 million sq ft) of developable space.