Mar. 2, 2012 (China Knowledge) - New World Development Co Ltd<0017
>, controlled by Henry Cheng, the son of Hong Kong billionaire Cheng Yu-Tung, reaped HK$5.22 billion in net profit in the six months ended Dec. 31, 2011, reflecting a year-on-year increase of 20% from HK$4.35 billion.
The first-half profit increase was principally boosted by stronger gains from property sales and rentals, said the Hong Kong-listed
real estate developer.
The firm's underlying profit, excluding property revaluation gains, reached HK$2.83 billion in the first-half period. A dividend of HK$0.10 per share was declared, unchanged from a year earlier.
Revenue for the six-month period rose 27% year on year from HK$15.08 billion to HK$19.10 billion,
At present, New World Development has land reserves of over 9.6 million square feet of potential floor area, more than 6.2 million sq ft of which is for residential properties.
The company also owns over 18.6 million sq ft of agricultural land to be converted into commercial land, sources reported.