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Hongkong Land H1 underlying EPS rises 3% YOY

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Hongkong Land H1 underlying EPS rises 3% YOY

Hongkong Land Holdings Ltd. said its six-month underlying earnings amounted to 19.96 U.S. cents per share, a 3% rise from 19.39 cents per share in the prior-year period.

Underlying profit attributable to shareholders rose 2% year over year to US$465.9 million from US$455.1 million in the first half of 2018.

Profit attributable to shareholders fell about 63% to US$410.9 million, or 17.61 cents, from US$1.12 billion, or 47.90 cents in the prior-year period. The attributable profit included net losses of US$55 million stemming from revaluation of the group's investment properties, compared with net property revaluation gains of US$669 million in the year-ago attributable profit.

Net asset value per share came in at US$16.50 as at June 30, compared to US$16.43 as at Dec. 31, 2018.

During the six-month period, the real estate company bought a residential site in Wuhan, China, featuring 226,000 square meters of development area. Work on the project is expected to begin later in the year, with completion slated in 2022.