Shui On Construction and Materials said interim net profit fell 9.9% to HK$787 million in the absence of gains on the disposal of investments available for sale.
A HK$648 million windfall from the privatisation of its 42.9%-owned London-listed China Central Properties failed to offset the sharp fall in investment gains.
For the six months to June, the firm's investment gain in Shui On Land dropped 99.3% to HK$4m, compared with HK$536m a year ago. Last year, it sold a 3.1% stake in Shui On Land for HK$1bn.
Chairman Vincent Lo Hong-sui said Socam remained positive on its long-term prospects on the mainland, with all signs pointing to China's economy being the first to emerge from the financial crisis.
South China Morning Post