HKong Land posts net profit of nearly US$1.4b for 1st 6 months of its fiscal year

Hongkong Land has posted a net profit of nearly US$$1.4 billion for the first six months of its fiscal year.

This overturns a loss of US$402.4 million in the year ago period while revenue for the same period stood in at US$765.1 million.

This was a 46.7 per cent increase when compared to the same period a year ago.

The group attributes the growth to relatively robust demand for office and retail space in Hong Kong’s Central district.

Profits from two of its Singapore residential projects, Marina Bay Residences and Waterfall Gardens, also helped.

Looking ahead, the company said it expects the commercial property markets of Hong Kong and Singapore to remain stable as the year progresses.

However, conditions in the group’s residential markets are mixed.

The company added that its second-half result will benefit from the completion of further residential units although the contribution will be less compared to the first half.

Source : Channel NewsAsia – 29 Jul 2010