New World Development said yesterday its net profit plunged 78.5% to HK$2.08bn for the year to June in the absence of new projects offered for sale and on fair-value losses on investment properties.

Stripping out the investment property revaluation item, underlying profit was HK$3.57bn, down 6.51% from HK$3.82bn a year earlier. Turnover fell to HK$24.41bn from HK$29.36bn.

South China Morning Post