Hong Kong company reporting season

Shun Tak reverses loss to post HK$699m interim profit on strong property sales

PUBLISHED : Monday, 28 August, 2017, 1:49pm
UPDATED : Monday, 28 August, 2017, 1:49pm

Shun Tak Holdings, which runs businesses from property to shipping and hotels, reported first half net profit of HK$699 million, reversing a HK$53 million loss in the same period last year, boosted by strong property sales.

The Hong Kong-listed company said in a statement on Monday that its revenue almost doubled to HK$3.678 billion from last year’s HK$1.867 billion.

According to the statement, basic earnings per share reached 23 HK cents compared to only 1.7 HK cents in the same period last year. The company declared an interim dividend of 6 HK cents a share.

Shun Tak attributed its revenue and profit growth to the ongoing launch of the Nova Grand residential development in Macau.

The company said during the first half revenue from previously contracted sales at Nova Park Macau and income from the disposal of the Chung Hom Kok luxury development in Hong Kong have been recognised.

After release of the results, the company’s shares gained 1.846 per cent to HK$3.31 by midday Monday.