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SHK Properties' 1st-half profit climbs to HK$21.13 bln

Feb. 29, 2012 (China Knowledge) - Sun Hung Kai Properties<0016>, Hong Kong's largest developer by market value, earned HK$21.13 billion or US$2.71 billion in net profit for the six months ended Dec. 31, 2011, up 0.5% year on year from HK$21.02 billion.

The real estate developer said the firm should have faster profit increase due to higher rental income, but dragged down by a decline in revaluation gains from investment properties.

Underlying net profit for the period rose 13% from a year earlier to HK$11.77 billion. A first-half dividend of HK$0.95 was declared.

Revenue for the first half ended Dec. 31, 2011 rose 16% year on year to HK$36.42 billion from HK$31.51 billion.

Sun Hung Kai Properties had land reserves of 85.3 million square feet at the end of last year.

In addition, the company aims to sell 3,500 apartments for a total of HK$32 billion in Hong Kong and mainland China by Jun. 30, 2013. The firm said it has met 90% of its sales target also totaling HK$32 billion for the year ending Jun. 30, 2012.

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