Hong Kong Covid-19 curbs weigh on developers, as earnings tumble by as much as 60 per cent
- Sino Land says profit for full year ending June decreased by 40.5 per cent from a year ago
- Shun Tak Holdings says interim earnings slumped by 51.3 per cent, while Shui On Land reports 58 per cent drop
“Uncertainties surrounding the intermittent waves of Covid-19 resurgence, ongoing geopolitical risks, restrictions on travel, rising inflationary pressure and interest rate hikes combined have brought interruption to the global economy,” Ng said.
“As we step into financial year 2022-2023, the group will remain vigilant in monitoring market developments, whilst proactively facing challenges and seizing opportunities ahead.”
“Before the fifth wave of the Covid-19 outbreak in Hong Kong in January 2022, the performance of the group’s hotels generally improved due to the government’s relaxation of social distancing measures, driven by an improvement in food and beverages and staycation businesses in Hong Kong. However, tightened social distancing measures were introduced again on January 7, 2022 as a result of the fifth wave … which adversely affected the hotels’ performances,” Ng said.
Tsim Sha Tsui Properties, another listed company under Sino Group, said its profit fell 40.4 per cent to HK$3.1 billion in the period. It proposed a final dividend of HK$0.42 per share to be payable on December 6. Its shares were also unchanged at HK$22.30 each.
Shui On declared a dividend of HK$0.036 per share to be payable on September 23. Its shares closed 1.04 per cent higher at HK$0.97 each.