Shun Tak interim net profit falls 33pc to HK$672m as revaluation gains drop
Revaluation gains drop to HK$508m from HK$907m in same period last year
Shun Tak said its first-half net profit fell 33 per cent year on year to HK$672 million but that Macau and Hong Kong property would boost earnings in the second half.
The property, transport and investment flagship of gambling mogul Stanley Ho Hung-sun said in a filing yesterday that 99 per cent of the flats in One Central - a residential complex in Macau it jointly developed with Hongkong Land - were sold in the six-month period.
Excluding revaluation gains - HK$508 million in the period, compared with HK$907 in the first half of last year - first-half underlying profit rose 69 per cent to HK$164 million.
An interim dividend will not be paid.
Chatham Gate, a residential project in Hong Kong in which Shun Tak holds a 51 per cent stake, is expected to contribute to the firm's second-half earnings when the 237 flats sold there are handed over to their buyers.
Looking ahead, the Nova City development in Macau and two projects in Beijing - an office facility and phase two of a retail-hotel complex - should continue to support the firm's earnings over the next two years.