Hongkong Land sees 6% dip in 1H underlying profits to US$393 mil

SINGAPORE (July 28): Developer Hongkong Land Holdings saw a 6% drop in underlying profits to US$393 million ($531 million) for 1H2016 ended June compared to $419 million a year ago.

The company, a member of the Jardine group, attributed the lower profits to reduced contribution from the residential sector in Singapore. In 1H2016, there were no projects completed while in 1H2015, there were two projects completed.

Support for underlying profits came from residential sectors outside Singapore. Notably, the company’s attributable interest in contracted sales in Mainland China was US$432 million, compared to US$328 million in 1H2015.

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