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Sun Hung Kai Properties' 2011/12 FY profit down 10.43%

Sep. 14, 2012 (China Knowledge) - Sun Hung Kai Properties<0016>, Hong Kong's largest developer by market value, said yesterday that its net profit fell 10.43% YoY to HK$43.08 billion in the fiscal year ended Jun. 30.

Earnings per share were HK$8.37 in the period, and the company proposed a final dividend of HK$2.4 per share.

The company's underlying profit rose 1% YoY to HK$21.68 billion in the fiscal year.

Sun Hung Kai Properties saw its revenue grow 9.4% YoY to HK$68.4 billion in the period.

Property sales dipped 2.38% YoY to HK$38.22 billion in the period, while total rental revenue increased 15% to HK$14.44 billion.

As of the end of June, the developer had land reserves of 46.6 million square feet in Hong Kong and 83.8 million sq ft in mainland China.

The company aims to sell HK$35 billion of properties this year, of which HK$7 billion are from the mainland market.

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