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Sun Hung Kai Properties' fiscal-year underlying net profit grows 6.58% YOY

Sun Hung Kai Properties Ltd. said its underlying net profit for the fiscal year ended June 30 increased 6.58% to HK$32.40 billion from HK$30.40 billion in the prior-year period on higher property sales and rental income.

The Hong Kong-listed developer's reported net profit, which includes the effects of fair value changes on investment properties, dropped 10.1% year over year to HK$44.91 billion or HK$15.50 per share, from HK$49.95 billion or HK$17.24 per share.

Revenue during the comparable period amounted to HK$85.30 billion, slightly lower than HK$85.64 billion a year earlier. Meanwhile, operating profit after changes in fair value of investment properties fell to HK$50.39 billion from HK$51.23 billion, according to the company's earnings release.

For the year ended June 30, the company's board recommended a total dividend of HK$4.95 per share, up from the HK$4.65 per share paid a year ago. The proposed HK$3.70-per-share dividend for the second half of the fiscal year will be distributed on Nov. 21 to shareholders of record as of Nov. 13, subject to shareholders approval during an annual general meeting scheduled on Nov. 7.