HK developer announces S$3.4b underlying profit, building on last year's performance
04:45 AM Sep 14, 2012
HONG KONG - Sun Hung Kai Properties, the world's second-largest real estate developer, yesterday posted earnings that narrowly beat expectations, building on last year's impressive performance thanks to strong property prices and low interest rates.
The company, whose billionaire co-chairmen, brothers Thomas and Raymond Kwok, are facing charges in an alleged bribery case, reported a record underlying profit of HK$21.7 billion (S$3.4 billion) for its fiscal year ended in June, compared with HK$21.5 billion last year.
Analysts had expected underlying income of HK$21 billion.
Since the results are based on sales locked in last year, the company's performance has yet to see any effect from the high-profile scandal.
The Kwok brothers, who deny any wrong-doing, are due in court next month to face charges that they paid former Hong Kong Chief Secretary Rafael Hui to favour their interests.
The results marked the firm's second successive record performance in terms of annual underlying profit, considered by investors a more meaningful figure than net profit since the net figures include valuation gains that depend on the property market rather than the performance of the company.
Sun Hung Kai, which developed Hong Kong's two tallest buildings, the International Finance Centre and the International Commerce Centre, is celebrating the 40th year of its listing. However, it did not declare a special dividend to honour the occasion, something it did 10 years ago and a repeat of which had been expected by analysts.
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