Hongkong Land slips US$109m into the red
Hongkong Land Holdings yesterday reported a net loss of US$109 million for 2008, after taking into account revaluation of its properties, compared with a profit of US$2.84 billion for 2007. Loss per share came to 4.79 US cents for 2008, against earnings per share of US$1.2372 for the previous year. Revenue rose to US$1.02 billion, up from US$933.2 million a year earlier. Hongkong Land, which holds properties in Hong Kong and Singapore and is part of the Jardine group, said that underlying profit rose 9 per cent to US$375 million. 'Strong demand and high occupancy in Hong Kong's Central district continued to underpin both the office and retail sectors in 2008, enabling the group to report a reasonable increase in underlying profit despite provisions made against residential development properties in Singapore,' it said. However, it cautioned: 'Although the positive rental reversion cycle continued throughout the year and supply of grade A office space remains limited, it is evident that the market in Hong Kong has now begun to decline.'
Source: Kim Eng
Saturday, March 7, 2009
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