Sun Hung Kai Properties slips on drop in H1 net profit

Sun Hung Kai Properties

28/02/2025 06:54

** Sun Hung Kai Properties (SHKP) 0016.HK narrows losses to 3% after dropping as much as 4.4% in early trade

** HK's largest property developer by sales reports 18% y/y drop in net profit in the first half ended December 31, 2024

** Core profit, excluding fair value changes, up 17% y/y on higher property sales, lower interest expenses

** J.P.Morgan expects margin of development properties to further drop in H2, after declining to 15% from 34% in H1

** Says rise in core profit was mainly because of a low base

** CGS International Securities sees co's FY sales at HK$30 bln-KH$35 bln, as H1 sales already near FY outlook of HK$25 bln

($1 = HK$7.7785)

 (Reporting by Clare Jim)

 ((clare.jim@tr.com))