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.

A final dividend of 11 US cents per share was proposed, bringing the total dividend for the year to 17 US cents.

Earnings per share rose from 30.29 US cents to 33.14 US cents.