Retail properties

Hysan Place helps drive developer’s underlying profit up 26pc

PUBLISHED : Friday, 07 March, 2014, 2:58pm
UPDATED : Friday, 07 March, 2014, 2:58pm

Underlying profit for last year at Hysan Development, the largest landlord in Causeway Bay, jumped 26 per cent year on year to HK$2.04 billion thanks in part to the contribution from the recently redeveloped Hysan Place in the prime shopping district.

The firm’s net profit, however, plunged 38.1 per cent to HK$6.16 billion owing to a sharp fall in gains from the revaluation of properties. Turnover jumped 23.2 per cent to HK$3.06 billion.

Rental income from the retail sector surged 34.2 per cent, while rental income from the office sector grew at a tamer rate of 19.5 per cent.

“The improving global economy and resilient local private consumption should benefit our balanced retail and office portfolio,” chairman Irene Lee Yun-lien said in the results announcement on Friday. “For 2014, we expect our overall performance to be steady.”

The company declared a final dividend of 95 HK cents a share, compared with 78 HK cents a share in 2012.