Henderson Land profit up slightly The 4 per cent increase comes despite write-downs on lower-value projects.

(From South China Morning Post)

Byline: Carrie Chan

Full-year profit at Henderson Land Development rose a modest 4 per cent, despite a write-down for the declining value of its projects.

Earnings for Hong Kong's third-largest property developer were $2.24 billion in the year to June, slightly exceeding analyst expectations of $2.06 billion to $2.24 billion. It took a provision of $328 million.

Chairman Lee Shau-kee yesterday said the company's outlook would improve with the recovering property market. But analysts were less certain, saying earnings would depend on the size of future provisions for the declining value of Henderson's …