Hongkong Land net profit dives on revaluation losses

Singapore

HONGKONG Land Holdings posted a record underlying net profit of US$1.08 billion for the 12 months ended Dec 31, 2019, up 4 per cent from US$1.04 billion in 2018.

Its net profit - which is typically volatile - slumped 92 per cent to US$198 million from US$2.5 billion previously, owing to losses from revaluation of the group's investment properties compared to gains a year earlier.