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2008-8-13 01:17:00 p.m. HKT, XFNA
Hong Kong's Hang Lung Group FY net up 57 pct on revaluation gains, housing sales
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HONG KONG (XFN-ASIA) - Hang Lung Group said its net profit rose 57 pct in the
year ended June to 7.52 bln hkd, boosted by a 10.11 bln hkd increase in the fair
value of its investment properties and a surge in housing sales.
Excluding gains on revaluation of investment properties and related tax, the
property developer's underlying net profit rose 28 pct to 2.55 bln hkd.
Overall sales rose 120.7 pct to 10.55 bln hkd from 4.78 bln a year earlier.
Revenue from housing sales surged 355 pct to 6.37 bln hkd from 1.4 bln.
Rental revenue from the group's properties in Hong Kong grew 11 pct to 2.42 bln
hkd.
China's booming economy enabled the group to generate rental revenue of some
1.76 bln hkd from its properties in Shanghai, up 48 pct, it said.
Earnings per share was 5.64 hkd, up from 3.59 hkd.
The board recommended final dividend of 54.0 hk cents a share, up from 46.5
cents.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
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