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Sino Land fiscal year attributable profit drops 50.6% YOY

Sino Land Co. Ltd. said net profit attributable to shareholders dropped 50.6% year over year in the fiscal year ended June 30.

The company's attributable profit totaled HK$6.91 billion for the 12-month period, down from nearly HK$14.00 billion recorded in the year-earlier period. Basic EPS for the fiscal year came in at HK$1.03, down 52.8% from HK$2.18 in the prior fiscal year.

The reported profit for the year included a revaluation surplus on investment properties of HK$2.42 billion, compared with a revaluation surplus of HK$2.18 billion in the prior year.

Underlying net profit attributable to shareholders, excluding the effect of fair-value changes on investment properties, fell 16.5% year over year to HK$4.67 billion from HK$5.59 billion, while underlying EPS was 69 Hong Kong cents, compared to HK$1.75 in the prior year.

Net profit for the year totaled HK$7.00 billion compared with HK$14.03 billion in the year-earlier period. Revenue fell 25.4% year over year to approximately HK$8.01 billion from HK$10.73 billion.

As of June 30, the group has a land bank of approximately 22.1 million square feet of attributable floor area in mainland China, Hong Kong, Singapore and Sydney. The land bank comprises a portfolio of properties, of which 39.4% is commercial, 37.1% residential, 11.0% industrial, 7.1% car parks and 5.4% hotels.

For the year ended June 30, the company's directors recommend a final dividend of 41 cents per share, which, together with the interim dividend of 14 cents per share, takes the total dividend for the financial year to 55 cents per share.