Hong Kong's biggest developer Sun Hung Kai says H1 profit fell 6.2 pct

Hang Lung Properties

26/02/2016 09:03

HONG KONG, Feb 26 (Reuters) - Hong Kong's largest developer 
by market capitalization Sun Hung Kai Properties Ltd  0016.HK , 
reported on Friday a 6.2 percent drop in first-half net profit, 
as the city's property sector remains under pressure in a 
slowing economy.  
    Sun Hung Kai, which has long benefited from its diverse 
portfolio of flats and office space in some of Hong Kong's best 
locations, reported an underlying profit of HK$14.72 billion in 
the six months ended Dec. 31, below the HK$15.7 billion recorded 
in the same period last year. 
    Despite a slowing Hong Kong economy and what he called a 
"volatile, competitive environment", Chairman Raymond Kwok said 
in an earnings statement that he expected the company to achieve 
"encouraging results for the current financial year". 
    Kwok had said in September he was confident the company 
could hit its Hong Kong property sales target of around HK$32 
billion for fiscal 2015-2016, in line with transactions a year 
earlier.  urn:newsml:reuters.com:*:nH9N10T017            
    Sun Hung Kai shares closed at HK$4.3, up 0.7 percent, 
compared with a 2.6 percent rise in the Hang Seng property 
sub-index  .HSNP . 
 
 (Reporting by Clare Baldwin; Editing by James Pomfret and Miral 
Fahmy) 
 ((Clare.Baldwin@thomsonreuters.com; + 852 2843 6571; Reuters 
Messaging: clare.baldwin.thomsonreuters@reuters.net)) 
 
Keywords: SHK PROPERTIES RESULTS/