AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
(From AFX Europe (Focus))
HONG KONG (XFN-ASIA) - Sun Hung Kai Properties Ltd said its net profit for the fiscal first-half ended December fell 19.2 pct year-on-year to 10.91 bln hkd due to weak earnings from property sales.
Underlying profit, which excludes revaluation gains, dropped to 5.30 bln hkd from 6.08 bln a year earlier, it said.
The underlying profit was below the forecasts of analysts surveyed by XFN-Asia, which had ranged from 5.54 bln to 6.14 bln hkd.
Sun Hung Kai's chairman and chief executive Walter Kwok said profit from property sales fell 30 pct to 3.28 bln hkd from 4.70 bln a year earlier as margins were lower in the six …