Hongkong Land Holdings Ltd (H78.SG) Thursday posted a drop in
profit during the half year-end, mainly due to lack of residential
completions in Singapore, but said it expects the solid performance
in the Group's commercial portfolio to continue in the second
half.
The property investment, management and development company
recorded net profit of 563 million U.S dollars during the half year
ended June 30, compared with $598 million a year earlier.
Underlying profit was down 17% to $433 million due to lack of
residential completions in Singapore, the company said.
Ben Keswick, Chairman said: "The solid performance in the
Group's commercial portfolio is set to continue in the second half,
while the contribution from our residential business will show
improvement as it benefits from the final sales at Serenade as well
as further completions in mainland China and Singapore."
Net asset value per share at June 30 was $11.53 compared with
$11.41 at Dec. 31, 2013 and dividend per share was maintained at
6.00 cents.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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