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Hang Lung Properties posts 26% profit decline for H2

Jan. 20, 2012 (China Knowledge) - Hang Lung Properties Ltd<0101>, the real estate arm of Hang Lung Group Ltd<0010>, yesterday posted HK$2.52 billion-net profit for the second half of 2011, down 26% year on year from HK$3.42 billion.

Hong Kong-listed Hang Lung Properties attributed the decrease principally to lower revaluation gains from investment properties.

The firm's underlying profit, however, increased 29% from HK$1.28 billion to HK$1.65 billion in the second half of last year.
Revenue for the second half totaled HK$3.07 billion, rose by 22% year on year from HK$2.52 billion. An interim dividend of HK$0.36 was declared.

In the six months ended Dec. 31, 2011, Hang Lung Properties' property rents totaled HK$2.88 billion, reflecting a year-on-year increase of 14%.

Of the total rents, HK$1.48 billion was derived from Hong Kong, up 7% from a year earlier, and over HK$1.39 billion from mainland China, increasing 23% year on year, sources reported.

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