Hang Lung Properties full-year profit plunges, but tops estimates

Hang Lung Properties

28/01/2016 05:32

HONG KONG, Jan 28 (Reuters) - Hang Lung Properties Ltd's 
 0101.HK  full-year profit plunged almost 57 percent but was 
ahead of analyst estimates, sending its shares up 1.12 percent. 
    Hang Lung reported a net profit of HK$5.09 billion ($653.39 
million) in the year ended Dec. 31, compared with HK$11.7 
billion in the same period the previous year.  
    Analysts had forecast a profit of HK$4.687 billion according 
to Thomson Reuters StarMine Smart Estimates, which is a weighted 
average based on the most accurate analysts. 
    Revenue fell to HK$8.95 billion from HK$17.03 billion. 
    The major fall-off was in property sales, where revenue fell 
88 percent from the previous year. Just 63 apartments and some 
car parking spaces were sold in 2015. 
    The company said in a statement that it expected the market 
correction in mainland China and Hong Kong to continue into 2016 
and that it was seeing an impact in the retail sector. 
    Shares of the company have fallen 17.8 percent so far this 
year compared with a 12.9 percent slide in the Hang Seng 
property index  .HSNP  
 
 ($1 = 7.7902 Hong Kong dollars) 
 
 (Reporting by Clare Baldwin; Editing by Gopakumar Warrier) 
 ((Clare.Baldwin@thomsonreuters.com; + 852 2843 6571; Reuters 
Messaging: clare.baldwin.thomsonreuters@reuters.net)) 
 
Keywords: HANGLUNG RESULTS/