Brief: Sun Hung Kai says HY net profit HK$276.2 million

Sun Hung Kai & Co

18/08/2016 10:54

Aug 18 (Reuters) - Sun Hung Kai & Co Ltd  0086.HK : 
 
 * Sun Hung Kai Co-announcement of interim results for the six months ended 30 June 2016  0086.HK  
 * HY revenue HK$ 1.74 billion versus HK$2.17 billion a year ago 
 * Board of directors has declared an interim dividend of HK12 cents per share 
 * "Hong Kong loan businesses are expected to remain relatively stable unless there is an abrupt or further deterioration in the local economy" 
 * "For Mainland China, recent trends in the UAF business indicate that charge off amounts appear to have peaked" 
 * "Decline in the Mainland China loan book has stabilised which points to a recovery in profitability in the near term" 
 * "Economic environment remains sluggish in Mainland China which could threaten our projections" 
 * HY net profit HK$276.2 million versus HK$3.63 billion a year ago 
 * Will continue to maintain a prudent and balanced approach to position our loan and investment assets for long term growth. 
 * "United Asia Finance Limited is repositioning its mainland China loan book and lowering its cost structure to adjust to a tougher economic environment" 
 
* Source text for Eikon  urn:newsml:reuters.com:*:nHKS3dXblR 
 
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