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Henderson Land's H1 attributable profit falls 50% YOY

Hong Kong-based Henderson Land Development Co. Ltd.'s profit attributable to equity shareholders fell to HK$7.52 billion in the first half from HK$15.03 billion in the prior-year period.

EPS for the six-month period ended June 30 amounted to HK$1.55, down from the adjusted HK$3.10 for the comparable period in 2018.

The real estate developer's underlying profit attributable to equity shareholders, excluding the fair value change of investment properties and investment properties under development, dropped 52% year over year to about HK$6.70 billion. Underlying EPS stood at HK$1.38, compared to the adjusted HK$2.86 in the first half of 2018.

Henderson Land's revenue for the period totaled HK$8.13 billion, down from HK$13.14 billion a year ago. Property development in Hong Kong and mainland China contributed HK$4.90 billion, while property leasing in the two markets generated HK$4.59 billion.

The company's net debt rose to HK$76.24 billion as of June 30 from HK$70.12 billion as of Dec. 31, 2018. Net assets stood at around HK$319.42 billion at the end of the reporting period.