2025-02-21 28Hse Editor
Sino Land Company Limited (0083) has announced a 5.1 percent annual rise in its underlying profit, amounting to HK$2.94 billion for the six months ending in December. Despite the increase in profits, the company has decided to maintain its interim dividend at 15 HK cents per share.
The company's net profit for the latter half of the previous year saw a 6.3 percent uptick, reaching HK$2.62 billion. This figure includes a non-cash loss of HK$140 million from investment property revaluation.
Revenue experienced a 23 percent decrease, falling to HK$4.9 billion. However, property sales saw a significant surge of 70.2 percent, hitting HK$6.6 billion, largely driven by the sales from Grand Victoria in Cheung Sha Wan and One Soho in Mong Kok.
Sino Land is also preparing to launch several new projects into the market, including the One Central Place in Central and the third phase of Grand Mayfair in Yuen Long.
Rental income rose by 2.8 percent to HK$1.78 billion in the first half of the fiscal year ending in June, a revival attributed to the boost from tourist and business activities following China's reopening last year.
Nevertheless, the net rental income recorded a slight decline of 0.7 percent to HK$1.47 billion annually. This was accompanied by a marginal dip in the overall occupancy rate of the company's investment properties, which decreased by 0.3 percentage points to 90.8 percent.
In related news, Sino Hotels Holdings Limited (1221) has reported a shift from a net loss of HK$51.5 million a year ago to a net profit of HK$28.8 million for the six months ending in December of the last year, resuming an interim dividend of 1.5 HK cents per share.
Moreover, Tsim Sha Tsui Properties Limited (0247) enjoyed a net profit growth of 7 percent year-on-year, reaching HK$1.47 billion, and has reinstated an interim dividend of 15 HK cents per share.
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