Hang Lung Properties (101) ‘s basic net profit rose 9% year-on-year to 4.474 billion yuan, of which property rental profits accounted for 97%
After taking into account the impact of property revaluation gains and its related income tax and non-controlling interests, net profit attributable to shareholders has fallen by 24% to RMB 6.172 billion. Hang Lung increased its final dividend by 2% to 0.59 yuan. During the period, revenue decreased by 6% to 8.852 billion yuan, which was mainly dragged by a 76% decrease in property sales.
Renminbi-denominated revenue from Mainland leased properties recorded a 12% year-on-year increase, while Hong Kong’s property rental portfolio continued to record a 2% increase under the haze of revisions
The Group explained that Hong Kong’s property leasing portfolio is not based on tourists as its main customer base, but is located in multiple regions, so rental income can maintain a modest growth. However, due to the impact of the amendments in Hong Kong, Hang Lung’s retail portfolio in Causeway Bay was hit the hardest. Its revenue decreased by 1% year-on-year to 628 million yuan. Retail sales fell by 10%, while occupancy rates fell by two percentage points to 97%.
Chairman Chen Qizong said that despite the uncertainties caused by the tension between Sino-US trade relations, Brexit, the devaluation of the Renminbi and the social turmoil in Hong Kong, he remained optimistic about the overall property leasing business and expected to benefit from the mainland retail industry and new properties Revenue, revenue will increase.
Hang Lung Group earns 29% more in the whole year
The Hang Lung Group of the same department also announced the annual results. During the period, the profit attributable to shareholders was 6.816 billion yuan, up 28.97% year-on-year (the net profit of the same period last year was 5.285 billion yuan). Up 3.28% (61 cents a year ago).