Hongkong Land posts $292m profit in 2022 H1
This is an improvement from $865m loss in the same period last year.
Hongkong Land Holdings Limited posted a $292m profit in the first half of 2022, up from an $865m loss seen in the same period last year.
The company also reported that whilst its underlying profit saw an 8% year-on-year growth to $425m from $394m, Hongkong Land’s full-year underlying profit will likely be lower than in the previous year.
“Resilient financial performance at Hongkong Land in the first half of 2022 was pleasing to see, although contracted sales of China Development Properties were affected by weak market sentiment,” Ben Kestwick, Hongkong Land Chairman, said.
“The Group’s full-year underlying profits are expected to be significantly lower than the prior year. This is primarily due to the planned timing of sales completions and the impact of pandemic-related restrictions on construction activities on the Chinese mainland.”
He added this will likely result in the completion of some projects deferred from the second half of 2022 to 2023.
Hongkong Land particularly recorded higher profits from its development properties but saw marginally lower profits in its investment properties business.
The company has recommended an interim dividend share of ¢6 per share.