Sino Land sees profit rise 2pc on mixed results
Sino Land yesterday said its underlying profit grew 2 per cent to HK$2.49 billion in the six months to December last year.
If including the property revaluation surplus of HK$1.81 billion, its net profit dropped 19.5 per cent from HK$5.34 billion a year ago to HK$4.3 billion in the second half of last year.
Its turnover jumped 124.8 per cent to HK$5.76 billion during the period.
As there was only one new project, One Mayfair in Kowloon Tong, completed and sold during the period, its revenue from property sales dropped 42.7 per cent to HK$3.96 billion from HK$6.9 billion a year earlier. More than 76 per cent of the flats at the project have been sold.
In the second half of last year, the developer released new projects including The Coronation in West Kowloon, Marinella in Aberdeen, Providence Bay in Tai Po's Pak Shek Kok and Le Sommet in Xiamen.
Marinella and Le Sommet are scheduled for completion in the first half of this year. They are expected to be the main contributors to revenue. About 73 per cent of units have been sold at both developments.
Sino Land acquired two residential sites in Kau To and Mui Wo, which boosted its land bank to about 41.1 million sq ft. The company said they would maintain a policy of selectively and continuously replenishing its land bank in the mainland and Hong Kong.
Its rental revenue increased 10.6 per cent to HK$1.43 billion due to the higher rental rates on renewals and improvement in occupancy rate.
The company proposed to declare an interim dividend of 10 cents a share, slightly higher than the 9.09 cents a share a year ago.
Meanwhile, Sino Hotels' net profit surged 52 per cent to HK$127.4 million for the six months to December last year from HK$83.8 million in the previous year. Turnover grew 25.55 per cent to HK$175.9 million.
The growth was due to the increase in visitor arrivals to Hong Kong. The occupancy rates for City Garden Hotel, The Royal Pacific Hotel & Towers and Conrad Hong Kong were 95.8, 91.5 and 79.1 per cent during the period.
The company proposed an interim dividend of 4 cents per share.
Tsim Sha Tsui Properties said its underlying profit, excluding property revaluation surplus, dropped from HK$1.24 billion a year earlier to HK$1.21 billion for the six months to December last year.
Shares in Sino Land rose 2 per cent to close at HK$14.08 yesterday.
5,000
Roughly the number of residential properties sold per month in Hong Kong in the second half of 2011, according to Jones Lang LaSalle
