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Hysan Dev sees profit for 2011 double to HK$8.55 bln

Mar. 8, 2012 (China Knowledge) - Hysan Development Co Ltd<0014>, the largest commercial landlord in Causeway Bay, Hong Kong, has posted HK$8.55 billion-net profit attributable to shareholders for 2011, reflecting a year-on-year jump of 122.29%.

Last year, the Hong Kong-listed firm's earnings per share were about HK$8.08. A final dividend of HK$0.64 per share was declared, bringing a combined dividend of the year to HK$0.79.
Operating revenue grew 9% from a year earlier to HK$1.9 billion in 2011, principally boosted by stronger occupancy and higher rents.

Of the total revenue, HK$820 million was derived from the sector of office buildings, HK$789 million from stores and HK$313 million from residential properties, reflecting a year-on-year increase of 6%, 12.7% and 6.5%, respectively.

The real estate developer's underlying profit, excluding property revaluation gains, amounted to HK$1.3 billion last year, up 14.1% from a year earlier.

Non-Executive Chairman Lee Yun-Lien will assume CEO position, as the current CEO Gerry Yim will resign effective from May 14.

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