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Sun Hung Kai posts slower full-year profit increase
Source: Bloomberg News |
September 14, 2012, Friday
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SUN Hung Kai Properties Ltd, the Hong Kong developer whose co-chairmen face bribery-related charges, reported a slowdown in full-year profit growth after higher down payments and concerns over tougher government measures curbed apartment sales.
Profit excluding property revaluations rose to HK$21.7 billion (US$2.8 billion) for the 12 months ended on June 30, compared with HK$21.5 billion a year earlier, the world's biggest developer by market value said in a statement to the city's stock exchange yesterday. That compares with the HK$21 billion mean estimate of 17 analysts surveyed by Bloomberg News.
Hong Kong developers have sold fewer apartments in the past year after the government tightened mortgage lending and as they awaited clarity on the property polices of new Chief Executive Leung Chun-ying, who had promised to boost land supply ahead of his swearing in on July 1. Sun Hung Kai, whose billionaire co-chairmen Thomas and Raymond Kwok were arrested in March, is the worst performer in the Hang Seng Property Index this year.
"Investors will be looking for a stronger home sales pipeline from them in the next few months," said Alfred Lau, a Hong Kong-based analyst at BoCom International Holdings Co. "They will also need rental income and contribution from China to stay strong to support earnings."
Sun Hung Kai shares rose 10 percent this year, lagging the 23 percent gain in the nine-member property gauge. The shares rose 0.8 percent to HK$107.10 in Hong Kong yesterday, before earnings were announced.
Hong Kong's home prices have now surpassed their peak in October 1997.
Profit excluding property revaluations rose to HK$21.7 billion (US$2.8 billion) for the 12 months ended on June 30, compared with HK$21.5 billion a year earlier, the world's biggest developer by market value said in a statement to the city's stock exchange yesterday. That compares with the HK$21 billion mean estimate of 17 analysts surveyed by Bloomberg News.
Hong Kong developers have sold fewer apartments in the past year after the government tightened mortgage lending and as they awaited clarity on the property polices of new Chief Executive Leung Chun-ying, who had promised to boost land supply ahead of his swearing in on July 1. Sun Hung Kai, whose billionaire co-chairmen Thomas and Raymond Kwok were arrested in March, is the worst performer in the Hang Seng Property Index this year.
"Investors will be looking for a stronger home sales pipeline from them in the next few months," said Alfred Lau, a Hong Kong-based analyst at BoCom International Holdings Co. "They will also need rental income and contribution from China to stay strong to support earnings."
Sun Hung Kai shares rose 10 percent this year, lagging the 23 percent gain in the nine-member property gauge. The shares rose 0.8 percent to HK$107.10 in Hong Kong yesterday, before earnings were announced.
Hong Kong's home prices have now surpassed their peak in October 1997.
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