Hong Kong developer Sino Land on Wednesday said its net profit for the financial year that ended on June 30 fell from a year earlier as strong residential sales were offset by lower rental income and falling occupancies.
Advertisement
After taking into account a one-time loss of HK$1.08 billion (US$138.7 million) from the revaluation of its investment properties, the developer said its net profit fell to HK$4.02 billion from HK$4.4 billion a year earlier.
Net income excluding one-off gains or losses fell slightly to HK$5.12 billion from HK$5.17 billion a year earlier, the company said in a filing to the Hong Kong stock exchange. Revenue climbed 21.6 per cent to HK$10.8 billion.
Robert Ng Chee Siong, the 73-year-old Singaporean tycoon, will step down as company chairman on August 31 and will be replaced by his 47-year-old son Daryl Ng Win Kong.
In its filing, the company said the younger Ng had worked with his father for 20 years and “demonstrated strong leadership and a deep commitment to the group’s values and strategic vision”.
Advertisement
Sino Land said its dividend for the year would be HK$0.58 a share after factoring in an interim payout. The company also said it had a pipeline of new projects and a substantial land bank to support its growth.