HONG KONG - Hong Kong real estate developer Sun Hung Kai Properties’ full-year net profit grew 19.5 percent to HK$49.9 billion compared with last year’s HK$41.7 billion, while its revenue notched a 9.5 percent rise to HK$85.6 billion.
The company declared a final dividend of HK$3.45 apiece for the year ended June 30, 2018. Together with its interim dividend of HK$1.2 per share, the dividend for the full year will be HK$4.65 apiece, a 13.4 percent rise from last year.
Excluding the effect of fair-value changes on investment properties, the group’s underlying profit was up by 17 percent to HK$30.4 billion in the year ended June 30.
Property sales and rental income, both in Hong Kong and on the Chinese mainland, were the main reasons for the HK developer’s profit growth.
The developer achieved contracted sales of about HK$46 billion for the year in attributable terms.
By the end of June 2018, the group’s land bank in Hong Kong increased from 51.8 million square feet a year ago to 56.5 million square feet, 22.7 million square feet which were properties under development.
In an effort to sustain its high level of annual property completion in Hong Kong, the group will continue to acquire land through different means, including active land use conversions of its agricultural land into buildable land, according to the company.
Despite anticipated interest rate hikes in the city, household income gains and wealth accumulation, as well as solid demographic factors, will continue to underpin end-user demand for residential properties, the company said in its filing.
“While external uncertainties and government measures recently introduced are likely to pose new challenges in the first-hand market,” according to the real estate developer.
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