Hong Kong developer Hang Lung Properties’ 2024 earnings slumped 45.8 per cent from a year earlier due to lower operating leasing profits and higher finance costs.
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The company’s net profit attributable to shareholders fell to HK$2.1 billion (US$269.7 million) from HK$3.97 billion a year earlier, which included a net revaluation loss on some properties, according to a statement to the Hong Kong stock exchange on Friday.
Overall rental revenue fell 6 per cent to HK$9.52 billion. Rental revenue from its mainland portfolio dropped by 4 per cent and by 9 per cent in Hong Kong.
On the mainland, consumer confidence has been hurt by lacklustre economic conditions, geopolitical tensions and a weakened global economy, the company said.
“While the recent stimulus measures introduced by the Chinese central government seek to bolster the economic outlook, the extent to which they will boost the overall economy remains uncertain,” the company said.
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Rental revenue and tenant sales from its mainland mall portfolio dropped by 3 per cent and 14 per cent, respectively.