Hong Kong's Hang Lung Properties Interim Result Flashes

   

    

 

 July 30th  2015

 

 

 

 

Hang Lung Properties (0101.HK), one of Hong Kong’s flagship property developers, reported interim result as underlying net profit attributed to the shareholders dipped 1 percent to HKD 2.45 billion after taking a smaller gain on the revaluation on the investment properties for the half year ended June 30th, according to the company's filing to the Hong Kong Stock Exchange.   

 

Overall turnover of the Hang Lung group rose 3 percent to HKD 4.61 million year-on-year as rental income growth was partly offset by smaller property sales turnover. Turnover of its core business, property leasing, rose 9 percent to HKD 3.86 billion, driven by continual growth from both the mainland China and Hong Kong portfolios. Property sales turnover dropped 17 percent to HKD 745 million, operating profit of the group rose 3 percent to HKD 3.5 billion.

 

Net profit attributable to shareholders decreased by 12 percent to HKD 2.84 billion. Earnings per share decreased correspondingly to HKD 63 cents. The property developer's debt to equity ratio rose 0.1 percent to 25.3 percent. The board of directors has declared an interim dividend of HK17 cents per share, the company files to the Hong Kong Stock Exchange.

 

During the first half of the financial year ended June 30th, rental turnover of Hang Lung's mainland China portfolio went up 10 percent to HKD 2.12 billion when compared to the corresponding period last year. Overall rental margin retreated seven points to 69 percent. Shopping malls in mainland China recorded an 11 percent rental income growth to HK$1.68 billion.

 

During the same period of time, the firm's Hong Kong investment properties portfolio was resilient in the face of declining overall retail sales in Hong Kong. Rental turnover rose 7 percent to HKD1.74 billion. The resulting leasing margin was 86 percent. Hong Kong commercial portfolio rent went up 6 percent to HKD1.03 billion, largely attributable to positive rental reversions. The Peak Galleria at the Peak had 5 percent rent increase.

 

 

 

 

 

 

 

 

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