Property revaluation gains boost K Wah’s bottom line
K Wah International Holdings’ net profit rose 11 per cent last year to HK$1.83 billion, thanks to increased property revaluation gains.
The company, chaired by Lui Che-woo, said on Thursday that underlying profits, excluding the revaluation item, amounted to HK$676 million. In its results announcement for 2013, underlying profit was put at HK$1.39 billion.
The company posted property revaluation gains of HK$1.36 billion last year, against HK$71.07 million in 2013.
Turnover fell about 67 per cent to HK$2.39 billion as revenues from the mainland fell 71 per cent to HK$2.07 billion.
Earnings per share were 65.69 HK cents, and the full-year dividend per share, including a final dividend of 10 HK cents, was 15 HK cents.
K Wah said the mainland property market had been generally steady with first-tier cities better positioned on the back of their balanced supply and demand situation. The company said it expected property markets in major cities such as Hong Kong, Shanghai and Guangzhou, where the company had investments, would see steady development.
Shares of K Wah rose 1.33 per cent to HK$3.80 in morning trade ahead of the results announcement.
