Hung Lung Property Had a Stable H1
Total operating profit of Hang Lung Group, Hong Kong's Peak Mall landlord, increased 5% to HKD4.74 billion in the first half of this year. Due to lower interest income and a smaller amount of interest expense capitalization, underlying net profit retreated 3% to HKD1.81billion, the company said, adding net profit attributable to shareholders increased 34% to HKD2.40 billion, after taking account of effects of property revaluation gain during the period.
In respect, property sales revenue rose 5% to HKD2.52 billion. Revenue of property leasing decreased 2% to HKD4.12 billion, but was up 1% if excluding the 5% Renminbi (RMB) depreciation against the Hong Kong Dollar (HKD) over the corresponding period of last year.
As of June 30, Hang Lung Group had cash and bank balances of HKD22.69billion, net debt to equity ration was 3.2%, while debt to equity ratio was 19.1%.
Company chairman Roonie Chan said "looking forward, as we have less property stock in hand, it is expected income will be more reliable on rental income from investment properties."
- APMR News