Sino Land posts 11.4 per cent drop in net profit

Earnings per share stood at HK$ 0.56, down from HK$0.64, while the interim dividend was unchanged from a year ago at 13 HK cents.

The developer, chaired by Singaporean Robert Ng Chee Siong, said its unaudited underlying net profit attributable to shareholders - which excludes the effect of fair-value changes on investment properties - fell 8.7 per cent to HK$2.7 billion .

Total revenues from property sales climbed 32.2 per cent to HK$9.5 billion, and gross rental revenue increased 3.4 per cent to HK$2 billion.

However, gains from the disposal of investment properties during the six-month period fell 82.2 per cent to HK$83.7 million from the previous year.

Sino Land reported that it had cash and bank deposits worth HK$28 billion.