This included a non-cash provision of US$295 million in China Development Properties. Excluding the impact of the non-cash provision, underlying profit attributable to shareholders was US$288 million, 32% lower y-o-y.
Loss attributable to shareholders for 1HFY2024 was US$833 million, compared to the loss of US$333 million in 1HFY2023.
This figure reflected unrealised net non-cash losses arising primarily from revaluations of the investment properties portfolio of US$826 million and US$755 million in 1HFY2024 and !HFY2023, respectively.
As at June 30, the company’s net asset value per share stood at US$13.82, compared to US$14.49 at end-2023.
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Net debt stood at US$5.4 billion as at June 30, unchanged from end-2023. Net gearing was 18%, compared to 17% at the end of 2023.
Hongkong Land is proposing an interim dividend of 6 US cents per share, unchanged from the prior year.
“While full-year underlying profit will be significantly below 2023, due to the impact of provisions already recognised, the group’s diversified portfolio remains resilient and continues to make strategic investments to drive future growth,” says chief executive Michael Smith.
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Shares in Hongkong Land closed 1 cent higher or 0.3% up on Aug 1 at US$3.24.
