Sino Land’s Robert Ng urges quick end to Hong Kong’s protests after developer posts 16.5 per cent drop in underlying profit
- Profit for the financial year ended June stood at HK$4.67 billion
- Company proposes final cash dividend of 41 HK cents per share
Robert Ng Chee Siong, chairman of Hong Kong developer Sino Land, on Thursday called for an early settlement to the protests that have disrupted the city’s economy, including the all-important property sector.
“Hong Kong has faced challenges since June this year and the economy has been impacted by internal and external problems,” Ng said in a statement. “We sincerely hope that the disruption can settle down quickly and society can return to peace and harmony.”
His remarks came as Sino Land reported a 16.5 per cent year on year drop in underlying profit for the year ended June 30 to HK$4.67 billion (US$595.3 million).
Revenue, which mainly accrues from property sales, fell 25.4 per cent to HK$8 billion from a year earlier.
Ng said that the management would take necessary and appropriate measures to minimise the damage to the developer’s businesses without elaborating.
With a good financial position and sustainable business strategy, Sino Land is well placed to respond to the changing economic environment and upcoming challenges, he said.