Hang Lung Properties swings to HK$2.57B net loss in FY'20

Hong Kong-based Hang Lung Properties Ltd. reported a net loss attributable to shareholders of HK$2.57 billion for the twelve months ended Dec. 30, 2020, compared to a net profit of HK$6.17 billion in the year-ago period.

The company attributed the net loss to property revaluation losses of HK$6.66 billion, saying the revaluation loss is noncash in nature with no material effect on cash flows and dividend distribution capability.

Loss per share amounted to 57 Hong Kong cents, compared with EPS of HK$1.37 a year ago, according to a Jan. 28 filing.

The property developer's operating profit slipped to HK$6.48 billion year over year from HK$6.49 billion, while its revenue increased to HK$8.97 billion from HK$8.85 billion from a year earlier. Its underlying net profit was also down 6% year on year to HK$4.20 billion from HK$4.47 billion.

The company's total dividend for the financial year stood at 59 cents per share, unchanged from the amount paid a year ago. Together with an interim dividend of 17 cents per share, Hang Lung's full-year dividend amounted to 76 cents per share.