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Cheung Kong Property H1 attributable profit increases 67% YOY

Cheung Kong Property Holdings Ltd. registered a 67% year-over-year surge in first-half profit attributable to shareholders at HK$14.41 billion, from the HK$8.61 billion logged in 2016.

EPS landed at HK$3.82, up 71% from HK$2.23, while the year-ago period's HK$27.56 billion revenue rose 8% to HK$29.86 billion in the first half ended June 30.

During the period, Cheung Kong realized an increase in fair value of investment properties of HK$4.83 billion, compared to HK$228 million a year ago, thanks mainly to an increase in the fair value of office properties in Hong Kong. As at the end of the reporting period, the company's bank and other borrowings amounted to HK$85.2 billion, HK$15.0 billion higher from last year. Furthermore, net debt to net total capital ratio was about 0.8%.

The developer also declared an interim dividend of 42 Hong Kong cents per share, payable Sept. 14 to shareholders of record as of Sept. 5. The figure was a 10.5% step up from the 38 cents per share paid at the end of the previous first half.

Cheung Kong is "on track" to complete its operating targets and executing its development strategy, according to a release. It also attributes a portion of its profits to newly acquired businesses in the energy and infrastructure sector, along with aircraft leasing.

Moving ahead, the group is slated to meet at an extraordinary general meeting of the company Aug. 24, for shareholders' approval of the company's name change to CK Asset Holdings Ltd. from Cheung Kong Property Holdings Ltd. The decision is also conditional upon the approval by the registrar of companies in the Cayman Islands.

CK Hutchison Holdings Ltd., meanwhile, reported HK$15.92 billion in profit attributable to ordinary shareholders, marking a 7% climb from the HK$14.92 billion it made in 2016. EPS came in at HK$4.13, also up 7% from HK$3.87 logged a year earlier.

The company raised its interim dividend distribution 6% to 78 cents per share, from 73.5 cents per share paid a year ago. The amount will be distributed Sept. 14 to shareholders of record as of Sept. 5.

The group spoke of the global economic environment showing modest signs of recovery, in its interim report, adding that they were able to counter effects of foreign currency translation with stabilizing economic conditions in all major markets.