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New World Development H1'18 EPS surges 148% YOY

New World Development Co. Ltd.'s EPS for the six months ended Dec. 31, 2017, was HK$1.15 per share, surging 147.8% from 46 Hong Kong cents per share in the prior-year period.

Year over year, the real estate developer's profit totaled HK$12.63 billion, up 126.5% from approximately HK$5.58 billion, and its revenues rose to about HK$27.94 billion from nearly HK$26.64 billion.

During the six-month reporting period, underlying profit totaled HK$4.20 billion compared to HK$5.00 billion and profit attributable to shareholders reached roughly HK$11.27 billion from approximately HK$4.34 billion in the six months ended Dec. 31, 2016. Operating profit for the period was HK$14.15 billion, up from HK$6.59 billion in the year-ago period. As of Dec. 31, 2017, the group's cash and bank balances stood at HK$65.43 billion, compared to about HK$66.99 billion as at June 30, 2017.

The company's consolidated net debt amounted to roughly HK$78.33 billion, up from HK$76.87 billion as at June 2017-end, while its net-debt-to-equity ratio was 32.7% during the period, down 2.1% compared to June 30, 2017.

By the end of the reporting period, the company's total assets amounted to approximately HK$468.14 billion, higher than roughly HK$437.06 billion recorded in the period ended June 30, 2017.

New Development's board declared an interim dividend of 14 cents per share for the financial year ending June 30. The dividend will be paid to shareholders on record as of March 26, according to a filing.