Sino Land yesterday expressed confidence that the current gloom in the property market was manageable, as it posted a 12% rise in underlying profit for the six months to December even as net profit dropped.
The city's sixth-biggest developer in terms of market value said underlying profit, excluding property revaluation deficit, rose to HK$2.6bn, thanks to the completion of more residential projects during the period.
However, net profit, including property revaluation deficit, dropped 57% to HK$2.01bn in the second half of last year from HK$4.73bn a year earlier. This was the result of a sharp fall in investment property prices as a result of the global financial crisis.
South China Morning Post