Hongkong Land's full year profit down 3%

HONGKONG Land Holding's underlying profit attributable to shareholders' slid 3 per cent, from US$930 million in 2014 to US$905 million.

Taking into account the net non-trading gains of US$1.1 billion recorded principally on property valuations of the group's investment properties, the profit attributable to shareholders for the year was US$2 billion. This compares to US$1.32 billion in 2014, which included net valuation gains of US$397 million.

A final dividend of 13.0 US cents per share was recommended, bringing total dividend for the year to 19.0 US cents per share, unchanged from the previous year.

Said Ben Keswick, chairman of Hongkong Land Holdings: "While trading profits from the group's operations should remain sound in 2016, a reduced contribution from residential developments is expected to result in underlying earnings being lower."

Hongkong Land ended trading down half a cent, at US$6.02.