Hong Kong developers Henderson Land, K Wah International report small increases in profit, are optimistic about 2019
- Henderson Land’s profit attributable to equity shareholders stood at HK$31.16 billion
- K Wah International said its profit attributable to equity shareholders stood at HK$4.04 billion
Hong Kong property developer Henderson Land Development, chaired by tycoon Lee Shau-kee, said on Wednesday profit attributable to its owners inched up by 1 per cent last year, while that of K Wah International, chaired by billionaire Lui Che-woo, rose by 3.6 per cent, in a reflection of Hong Kong’s cooling housing market.
Profit attributable to equity shareholders for the year to December 31, 2018 stood at HK$31.16 billion (US$3.96 billion), an increase of 1 per cent, Henderson Land, one of the city’s largest developers, said in a filing to the Hong Kong stock exchange.
Lee, 90, meanwhile, also suggested in a separate statement he was considering stepping down as chairman, and passing over control to his sons Peter Lee Ka-kit and Martin Lee Ka-shing. He is Hong Kong’s second-richest man.
Excluding revaluation gains on investment properties, the company’s core profit rose by 1 per cent to HK$19.77 billion, missing an analysts’ forecast by 3 per cent, while its revenue dropped 21 per cent to HK$21.98 billion.
Property sales contributed with HK$16.32 billion in revenue, down 29 per cent year on year. Shares of the company rose 1.1 per cent to HK$46.10 on Wednesday, before the results were released and Lee made his announcement regarding retirement.
The company said it would pay a final dividend of HK$1.3 per share, as well as a 1-for-10 bonus issue.