Underlying net profit rises 11% at Hongkong Land
STRONG performance from its commercial and residential portfolios in Singapore and Hong Kong helped lift underlying profits by 11 per cent to US$777 million (S$956 million) at Hongkong Land Holdings.
Profit attributable to shareholders for the year to Dec 31 dipped 73 per cent from a year earlier to US$1.44 billion.
This was mainly due to a change in fair value of its investment properties, which fell from US$4.38 billion in 2011 to US$306 million last year.
Revenue for the year was US$1.11 billion, down 9 per cent from US$1.22 billion a year earlier.