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Hang Lung Group 1st half net profit up 34% at HK$2.40 bln

Hang Lung Group 1st half net profit up 34% at HK$2.40 bln

HONG KONG: Hang Lung Group Ltd. (0101.HK) posted a 34% rise in first-half net profit partly buoyed by higher profit from property sales.

The Hong Kong-based real-estate developer said Thursday it recorded a net profit of 2.40 billion Hong Kong dollars (US$307 million) in the first half, compared with HK$1.79 billion a year earlier. Underlying net profit fell 3% at HK$1.81 billion. Its first-half revenue rose slightly to HK$6.64 billion from HK$6.61 billion the previous year. The company declared an interim dividend of HK$0.19 per share, same as a year earlier. In a separate statement, Hang Lung Group’s unit Hang Lung Properties Ltd. (0101.HK) posted a 30% rise of its first-half net profit at HK$3.83 billion, while its first-half revenue rose 1% at HK$6.36 billion. It declared an interim dividend of HK$0.17 per share, same as a year earlier. Hang Lung Group’s company code is 0010.HK, not 0101.HK. “Hang Lung Group 1H Net Profit Up 34% at HK$2.40 Billion,” at 0450 GMT, misstated the company code in the first paragraph.