Henderson Land First Half Profit Ups
August 21th, 2015
Henderson Land, one of Hong Kong’s top five real estate developers, reported its underlining profit attributable to shareholders for the first half increased 5 percent year on year to HKD 5.291 billion for the six months ended June 30th.
The company reported profit attributable to equity shareholders for the period under review rose 4 percent to HKD 9.846 billion for the same period last year. Earnings per share were HKD 2.98 when compared with HKD 2.90 for the same period in the previous year. The board of directors declared HKD 0.38 per share interim dividend to shareholders. Also during the reporting period, the firm managed to reduce its gearing ratio to 13.5 percent from 15.7 percent of the same period the year before.
During the first half of the financial year, Henderson Land sold HKD 5.319 billion worth of Hong Kong properties for the six months ended June. During the same time period, the firm’s attributable gross rental income in Hong Kong, including the attributable contribution from subsidiaries, associates and joint ventures, increased by 8 percent to HKD 3.169 billion during the same time period. The attributable pre-tax net rental income amounted HKD 2.478 billion.
Henderson Land holds 40.76 percent stake in Hong Kong’s International Finance Centre (IFC), where Hong Kong de facto central bank Hong Kong Monetary Authority locates. Gross rental income of its IFC stake contributed HKD 918 million to the company’s operating profits during the reporting repiod. At the end of June 2015, the leasing rate for the company’s core rental properties was 98 percent.
During the period under review, the firm achieved attributable contracted sales of approximately HKD 3.452 billion in value and 3.55 million square feet in attributable gross floor area in China. Most of the attributable contracted sales were contributed by major projects in Suzhou, Shanghai, Nanjing, and Xian. On investment property side, the company had 7.3 million square feet of completed investment properties in mainland China, comprising mainly offices and shopping malls in the centres of major cities.
Henderson Land Has Stake in Hong Kong's IFC shopping complex