Hong Fok's net profit tumbled 35% to $5.1m in Q1

Due to lower residential sales.

Hong Fok Corporation, a Mainboard-listed investment holding company mainly engaged in property development, reported that its net profit tumbled 35% year-on-year to $5.1m in the first quarter.

The group recorded zero sales revenue from the residential units of its development Concourse Skyline. It also booked higher expenses related to property tax, maintenance expenses and rental commission.

"The absence of sales revenue and the increase in other expenses resulted in the decrease in profit for the current
period," the group stated.

Hong Fok warned that residential sales will remain sluggish going forward and declared no dividend for the quarter.