Hongkong Land's underlying profit slips 17% to $541 million
Published on Jul 31, 2014 6:41 PM
SINGAPORE - Hongkong Land reported a 17 per cent drop in underlying net profit to US$433 million (S$541 million) for the first half year, mainly due to lack of residential development completions in Singapore.
The company considers underlying net profit, which distinguishes between ongoing business performance and non-trading items, to be a better measure of its business performance than net profit.
Net profit for the six months to June 30 fell by 6 per cent to US$563 million.
Revenue fell by 34 per cent to US$602 million, with a sharp plunge in sale of trading properties overwhelming gains in rental and service incomes.
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