Hong Kong's CK Asset hits record low on lower profit, dividend

CK Asset Holdings

22/03/2024 02:28

** Shares of Hong Kong property developer CK Asset  1113.HK 
drop 12.5% to HK$32.20, at their lowest levels and biggest
one-day pct decline since market debut under the new property
arm in June 2015 
    ** CK Asset stock is the biggest pct loser in Hang Seng
Property Index  .HSNP  and the second-biggest decliner in Hang
Seng Index  .HSI  and Hang Seng Composite Index  .HSCI  
    ** CK Asset, one of the city's biggest developers, reported
a 10.2% drop in 2023 net profit from continuing operations to
HK$17.34 bln ($2.22 bln) and it proposed a final dividend of
HK$1.62 per share, down 12.4% from HK$1.85 final dividend a year
ago
    ** Chairman of conglomerate CK Group Victor Li said all the
negative news impacting the city's property prices, including
interest rate hikes and additional stamp duties, had passed and
so there was a greater likelihood of the market going up
    ** Shares of CK Hutchison  0001.HK  fall 2.5% after results
were announced
    ** Hang Seng Property Index  .HSNP  drops 3.3%, while Hang
Seng Composite Index  .HSCI  and Hang Seng Index  .HSI  fall
1.6% each 
    ** CK Asset stock down 18% YTD, CK Hutchison shares down
5.8% YTD   
   ($1 = 7.8201 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))