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New World Development's profit up 10.8% in FY ended Jun 30

Sep. 27, 2012 (China Knowledge) - New World Development Co Ltd<0017>, controlled by Henry Cheng, the son of Hong Kong billionaire Cheng Yu-Tung, has announced its net profit in the 12 months ended Jun 30, 2012 increased 10.8% YoY to HK$10.14 billion.

Basic earnings per share for the period were HK$1.88, and the company proposed a final dividend of HK$0.28 per share.

According to a statement filed with Hong Kong Stock Exchange, revenue for the twelve-month period rose
8.33% YoY from HK$32.88 billion to HK$35.62 billion.

The company’s revenue from property sales hit HK$12.63 billion during the 12-month period, down 21.65% YoY, while revenue from hotel and department store operations grew 28.62% and 24.91% YoY to HK$3.56 billion and HK$3.53 billion, respectively.

As of Jun 3, 2012, New World Development has land reserve of about 9.4 million square feet of potential floor area. Meanwhile it also owns about 18.7 million sq ft of agricultural land to be converted into commercial land.

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