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HK's Hang Lung Properties yearly net profit soars

07-29-2010 08:40 BJT

HONG KONG, July 28 (Xinhua) -- Hong Kong-based developer Hang Lung Properties Ltd. said Wednesday that its net profit for the last fiscal year jumped more than five times, thanks to its surge of home sales in Hong Kong.

The company's net profit, attributable to shareholders for the year ended June 30, 2010, soared to 22.26 billion HK dollars (2.87 billion U.S. dollars) from 4.13 billion HK dollars (531.73 million U.S. dollars) in the previous year, according to the annual report filed to the Hong Kong Stock Exchange.

The company's total turnover achieved 12.06 billion HK dollars (1.55 billion U.S. dollars) last year, tripling from 4.17 billion HK dollars (536.89 million U.S. dollars) a year earlier.

The report recorded the turnover of 7.51 billion HK dollars ( 966.91 million U.S. dollars) in property sales, almost 682 times more than 11 million HK dollars (1.42 million U.S. dollars) in the previous year.

As one of the major local developers, the company said it had sold 425 garden-view units during the year, which helped achieving the satisfactory results.

The turnover in property sales was also up 9 percent to 4.55 billion HK dollars (585.81 million U.S. dollars).

Meanwhile, the company's property leasing in Chinese mainland reported a growth of over 10 percent in both rental turnover and profit.

"With our mainland expansion strategy, we will continue searching for opportunities to acquire more prime sites," said Hang Lung properties in a statement on Wednesday.

Hang Lung Group Ltd., which owns more than 51 percent of Hang Lung Properties, reported a net profit of 12.4 billion HK dollars (1.60 billion U.S. dollars) for the year ended June 30, 2010, up from the previous years' 2.64 billion HK dollars (339.90 million U. S. dollars).

Editor:Xiong Qu |Source: Xinhua

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