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Sino Land's 1st-half profit ended Dec. 31 drops 19.5%

Feb. 29, 2012 (China Knowledge) - Sino Land Co Ltd<0083>, a Hong Kong-listed property developer, has posted HK$4.3 billion or US$554.5 million-net profit for the first half ended Dec. 31, 2011, reflecting a year-on-year drop of 19.5% from HK$5.34 billion.

The real estate company attributed the plunge to a decline in investment property prices.

In the reporting period, the firm's underlying profit, excluding net revaluations on its investment properties, amounted to HK$2.49 billion, up 2% from HK$2.43 billion from a year earlier.

Revenue for the first half over doubled from HK$2.56 billion to HK$5.76 billion, of which HK$3.96 billion was derived from property sales, declining 42.7% year on year.

A dividend of HK$0.10 was declared, up from 9.09 HK cents a year earlier.

At the end of last year, Sino Land had land reserves of 41.1 billion square feet of potential floor area, and the firm's debt/asset ratio was 9.8% with cash totaling HK$9.2 billion as of Dec. 31, 2011.

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