Hongkong Land back in the black with H1 underlying profit of US$297 million
Revenue is down 23% year on year to US$751.2 million as the group winds down its build-to-sell business
[SINGAPORE] Hongkong Land posted an underlying profit of US$297 million for the six months ended Jun 30, reversing from a net loss of US$7 million in the corresponding year-ago period.
Excluding the impact of non-cash provisions for its build-to-sell segment in China, H1 underlying profit stood at US$320 million, 11 per cent higher than the US$288 million recorded the year before.
In an interview with The Business Times on Tuesday (Jul 29), Hongkong Land’s chief financial officer Craig Beattie said market sentiment in Hong Kong has improved significantly in the first six months of this year, led by the huge jump in capital markets activity.
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