Sino Land, the sixth-largest developer in Hong Kong, yesterday said net profit dropped 52% to HK$3.73bn for the financial year to June because of a decline in revaluation gains on investment properties.
Underlying profit, excluding the property revaluation gains, rose 6.7% to HK$3.6bn from HK$3.37bn a year earlier.
Turnover jumped 55% to HK$9.69bn. But its property revaluation gain dropped 82% to HK$694m.
The company also recorded a loss of HK$193m from the change in the fair value of its trading securities.
South China Morning Post