Commuters travel past commercial buildings on a tram in the Central district of Hong Kong on June 21, 2021. (ANTHONY WALLACE / AFP)

Hang Lung Properties, which also operates luxury malls, offices, and hotels in the Chinese mainland, reported Wednesday that annual underlying net profit for 2021 increased by 4 percent from the year before to HK$4.36 billion ($560 million). 

Underlying earnings per share were HK$0.97.

Total revenue increased by 15 percent to HK$10.32 billion, while operating profit for the year ended Dec 31, 2021, was up by 14 percent to HK$7.37 billion, the company reported in a filing to the Stock Exchange of Hong Kong.

No property sales revenue was recognized in 2021.

Total revenue increased by 15 percent to HK$10.32 billion, while operating profit for the year ended Dec 31, 2021, was up by 14 percent to HK$7.37 billion, Hang Lung Properties reported in a filing to the Stock Exchange of Hong Kong

The net profit was HK$3.86 billion, compared with a net loss of HK$2.57 billion in 2020.

Hang Lung Properties recommended a final dividend of 60 HK cents per share for 2021.

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Chairman Ronnie Chan said the mainland portfolio “is expected to continue to be the growth driver,” this year.

Rental revenue was up by 16 percent to HK$10.32 billion, while rental revenue from the mainland portfolio increased by 23 percent in yuan terms, and 31 percent in Hong Kong dollar terms.

This offset the drop in the Hong Kong portfolio revenue. Hang Lung Properties reported that full-year Hong Kong revenue retreated by 7 percent to HK$3.38 billion.

Revenue from retail properties such as those in Causeway Bay, dropped by 7 percent to HK$1.98 billion.

In Shanghai, the Plaza 66 luxury mall generated revenue of 1.78 billion yuan ($281 million), an increase of 25 percent year-on-year.

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Hang Lung Group reported underlying net profit increased by 6 percent to HK$2.99 billion. The underlying earnings per share were HK$2.20. Total group revenue grew by 15 percent to HK$10.91 billion.