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Hongkong Land H1 underlying profit up 2% to US$466m

HONGKONG Land, a member of the Jardine Matheson Group, on Thursday posted a 2 per cent year-on-year rise in underlying profit attributable to shareholders to US$466 million for the six months ended June 30 as the group's results benefited from increased contributions from both investment properties and development properties. 

Including net losses of US$55 million arising primarily on the revaluation of the group's investment properties, profit attributable to shareholders for the first half of the year was US$411 million, versus US$1.12 billion for the first half of 2018, which included net gains of US$669 million from property revaluations.

Underlying earnings per share stood at 19.96 US cents, up 3 per cent year-on-year, while net asset value per share rose to US$16.50 from US$16.43 as at Dec 31, 2018.

The directors have declared an unchanged interim dividend of six US cents per share. On the outlook for this year, chairman Ben Keswick said the solid performance from its investment properties is expected to continue in the second half of the year, while higher profits are anticipated from the group's development properties on the back of more sales completions in mainland China. 

Net gearing rose to 10 per cent, compared with 9 per cent at the end of 2018.

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Hongkong Land shares finished at US$6.09 on Thursday, down three US cents.

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