HKEX | 683
Kerry Properties net profit dropped by 19% last year
Kerry Properties (683) announced the annual result for last year. Turnover decreased by 39.7% to HKD 21.433 billion, and net profit was down by 18.8% to HKD 7.499 billion. Earnings per share was HKD 5.16, finally dividend of HKD 0.85. Excluding the fair value of investment properties revaluation, the underlying profit decreased by 50% to HKD 3.345 billion, mainly due to the adoption of new accounting standards starting from 1 January 2018, the provision for impairment loss for property under development in Macau amounting to HKD 1.175 billion and the recording of net decrease in fair value on financial assets at fair value through profit or loss amounting to HKD 1.461 billion.
During the year ended 31 December 2018, the HK property division recorded a turnover of HKD 8.123 billion and gross profit of HKD 3.325 billion, mainly derived from recognized sales of completed residential properties at Mantin Heights and The Bloomsway. As of the PRC property division reported a 4% decrease in turnover to HKD 13.31 billion. Gross profit declined by 2% to HKD 5.678 billion.
For the outlook of the HK property market, the company will seek opportunities to acquire commercial and industrial related assets and will also participate actively in government land bids. In terms of PRC market, the company will continue to selectively replenish its land bank and seek land bidding opportunities in the prime locations of key cities and provincial capitals.