New World Development Full-Year Net Profit Down 11% at HK$7.68 Billion

By Joanne Chiu Features Dow Jones Newswires

Real-estate developer New World Development Co. (0017.HK) on Thursday reported a 11% drop in full-year net profit, partly dragged down by smaller one-off gains.

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The blue-chip developer said net profit for the year ended June fell to 7.68 billion Hong Kong dollars (US$984.6 million) from HK$8.67 billion a year earlier, while its revenue fell 4.9% to HK$56.63 billion from HK$59.57 billion the previous year. The company said underlying profit rose 26.5% to HK$7.13 billion.

The developer proposed a final dividend of HK$0.33 a share, up slightly from HK$0.31 a share it paid a year earlier.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

September 21, 2017 00:39 ET (04:39 GMT)