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Hang Lung Properties sees 55% surge in H1 profit

Jul. 31, 2012 (China Knowledge) - Hang Lung Properties Ltd<0101>, the real estate arm of Hang Lung Group Ltd<0010>, announced today that its net profit grew 55% YoY to HK$3.68 billion in the first half of this year, boosted by an increase in revenue from property leasing business and strong property sales.

Basic earnings per share were 82 HK cents in the first six months and an interim dividend of 17 HK cents was declared.

The developer's underlying profit increased 72% to HK$2.52 billion in H1.

Hang Lung Properties saw its revenue soar 60% YoY to HK$4.23 billion in the period. Revenue from property leasing operations in mainland China rose 22% YoY to HK$1.48 billion, taking its total rental revenue to HK$2.96 billion in H1.

Earnings from the rental sector rose 14% to HK$2.42 billion.

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