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2007-8-15 03:29:00 p.m. HKT, XFNA
STOCK ALERT Hong Kong's Hang Lung Props down in line with market after results
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HONG KONG (XFN-ASIA) - Hang Lung Properties Ltd was sharply lower in line
with the market despite reporting 45 pct net profit growth for the year ended
June.
Hang Lung Properties reported after morning close that its year to June
net profit rose to 6.37 bln hkd from the year-earlier 4.40 bln mainly to
revaluation gain on investment properties.
Dealers said the results did not provide any surprise and that share
price movd in line with the broader market trend.
At 3.20 pm, the stock was down 0.65 hkd or 2.58 pct at 24.55, while the
Hang Seng Index was down 618.41 points or 2.81 pct at 21,388.91.
Hang Lung Properties' parent Hang Lung Group was down 0.35 hkd or 1.05
pct at 33.0. The parent announced a net profit of 4.79 bln hkd for the year
ended June against 2.83 bln in the previous fiscal year.
roby.lau@xfn.com xfnrl/xfnrc
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