| Sino Land reported a HK$607 (S$130.89)
million interim profit for the six months ended 31 December
2003. This is a 310 per cent increase in profit for the
six months ended 31 December 2003. Sino Land’s earnings
per share for the period was 15.61 cents.
The company has declared interim dividend of five cents,
a 150 per cent increase from two cents a year ago.
This respectable increase in profit is due to strong
property sales and gains from securities investments
underpinned by Hong Kong’s economic recovery and
improved market sentiments.
Sino Land’s property sales revenue for the interim
period was HK$2.59 billion (S$558 million), an increase
of 18.8 per cent from HK$2.18 billion (S$470 million)
during the same period in 2002. This revenue which accounted
for 76 per cent of Sino Land’s HK$3.39 billion
(S$730 million) turnover, was mainly derived from the
sale of residential units in newly completed projects
such as Ocean View in Ma On Shan, Imperial Villas Phase
I & II in Yuen Long and The Cliveden in Tsuen Wan.
The gross rental revenue for the Group is HK$565 (S$121.75)
million. The resurgence in Hong Kong’s economic
activities and the liberalisation of the “individual
visit scheme” for Mainland Chinese travellers
are expected to lead to an increase in demand for retail
space which the Group said will contribute to a solid
recurrent stream of rental earnings in the future.
Parent company, Tsim Sha Tsui Properties, reported
a first-half profit of $510.03 (S$109.91) million. Its
earnings per share stood at 37.29 cents; and the company
proposed an interim dividend of five cents.
Sino Hotels (Holdings) recorded first-half earnings
of HK$36.99 (S$7.97) million, up 8.98 per cent from
HK$33.94 (S$7.31) million a year earlier.
The Group has a sizeable land bank with potential gross
floor area of 17.7 million sq feet, of which 40 per
cent is for residential and 34 per cent for commercial
purposes.
With this sizeable land bank, the Group affirms its
commitment to building premium properties.
|
