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Hang Lung Properties' FY'19 net profit drops 24% YOY to HK$6.17B

Hang Lung Properties Ltd.'s net profit attributable to shareholders for the year ended Dec. 31, 2019, fell 24% to HK$6.17 billion or HK$1.37 per share, from HK$8.08 billion or HK$1.80 per share in the prior-year period.

The property developer's operating profit amounted to HK$6.49 billion, representing a 5% year-over-year drop from HK$6.82 billion, while its revenue for the comparable period decreased 6% to HK$8.85 billion from HK$9.41 billion.

Despite the decline, Hang Lung's underlying net profit rose 9% to HK$4.47 billion from HK$4.09 billion, according to a Jan. 21 filing.

Including the proposed 99 Hong Kong-cents-per-share dividend for the second half of 2019, the company's total dividend for the financial year reached 76 cents per share, higher by 1% compared to the 75 cents per share paid a year ago.