Hang Lung Properties 2017 Net Profit Up 31% on Revaluation Gains

By FeaturesDow Jones Newswires

Strong property revaluation gains lifted Hang Lung Properties Ltd.'s (0101.HK) 2017 net profit 31% higher despite lower property sales in Hong Kong.

The Hong Kong-listed real estate developer said during the midday break that its net profit for the year ended Dec. 31 rose to 8.12 billion Hong Kong dollars (US$1.04 billion) from HK$6.20 billion a year earlier, driven by a HK$2.6 billion revaluation gain on its investment properties.

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The earnings came in better than a forecast 15% drop in a poll by S&P Global Market Intelligence.

Excluding the one-off item, the developer's underlying net profit fell 13% to HK$5.53 billion with total revenue dropping 14% to HK$11.2 billion because fewer residential units were sold last year, it said.

Hang Lung Properties proposes a final dividend of HK$0.58 a share, unchanged from the previous year.

The company said that in 2018 it aims to drive retail sales and rental growth in Hong Kong and Shanghai, while raising the occupancy rate and tenant quality in other Chinese cities.

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

(END) Dow Jones Newswires

January 30, 2018 00:12 ET (05:12 GMT)

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