New World China Land posts 61.6 per cent decline in core profit

New World China Land posted a 61.6 per cent year-on-year decline in core profit for the second half of last year due to lower property sales and a decline in gross profit margin.

The group’s core profit before revaluation, exchange difference, amortisation and impairment of intangible assets was reported at about HK$1.12 billion, compared with HK$2.91 billion in the second half of 2013.

The decrease in core profit was largely due to a 45.3 per cent fall in sales of completed projects. Gross profit margin fell 10.5 percentage points, from 50.9 per cent to 40.4 per cent.

The company’s net profit attributable to shareholders dropped 55.4 per cent to HK$1.52 billion.

Directors did not declare an interim dividend.