Sun Hung Kai Properties Full-Year Net Profit Rises 28% to HK$41.78 Billion

By Joanne ChiuFeaturesDow Jones Newswires

Sun Hung Kai Properties Ltd. (0016.HK) said Thursday that its net profit for the fiscal year ended June rose 28%, thanks to bigger fair-value gains from investment properties and steady growth in property sales.

The city's major property developer reported full-year net profit of 41.78 billion Hong Kong dollars (US$5.3 billion), compared with HK$32.67 billion a year ago. Its underlying profit rose 7.4% to HK$25.97 billion from HK$24.17 billion the previous year.

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Analysts typically evaluate the performance of Hong Kong property companies by examining underlying earnings because net profit can be distorted by revaluations of investment properties.

Revenue for the period fell 14% to HK$78.21 billion from HK$91.18 billion a year earlier, the developer said. It declared a final dividend of HK$3.00 a share, bringing its full-year dividend to HK$4.10 a share, up 6.5% from the previous fiscal year.

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

(END) Dow Jones Newswires

September 14, 2017 05:15 ET (09:15 GMT)