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Henderson Land FY'18 underlying attributable profit rises 1% YOY

Henderson Land Development Co. Ltd. said its full-year underlying profit attributable to equity shareholders came to HK$19.77 billion, a 1% gain from the restated HK$19.52 billion in the year-earlier period.

The increase was mainly attributable to an incline in the attributable share of pretax profit contribution from property sales and net rental income, as well as total attributable share of pre-tax underlying profit contribution of HK$6.33 billion arising from the disposal of investment properties.

Underlying EPS came in at HK$4.49, up from HK$4.43 in 2017.

Including the fair value change of investment properties and investment properties under development, reported profit attributable to equity shareholders came to HK$31.16 billion, a 1% increase compared with HK$30.81 billion in the prior-year period. Reported EPS amounted to HK$7.08, versus HK$7.00 in the prior-year term.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2018 was HK$4.46.

The board proposed to pay a final cash dividend of HK$1.30 per share on June 17 to shareholders on record June 5. Together with the interim dividend of 50 cents per share, the annual dividend comes to HK$1.80 per share, higher than the HK$1.71 per share total dividend for 2017. Henderson Land also expects to make a bonus issuance of 1 new share for every 10 shares held to shareholders on the register of members June 5.

Additionally, Henderson Land Chairman and Managing Director Lee Shau Kee disclosed his intention to step down after the May 28 annual general meeting, owing to his advanced age. He will remain a director at the company. He nominated Lee Ka Kit and Lee Ka Shing to the post of joint chairmen and managing directors. The company said its board will propose to amend Henderson Land's articles of association to facilitate a joint chairmanship structure of the board.