HONGKONG Land Holdings (HKLand) has announced a net profit of US$1.64 billion for the year ended Dec 31, 2009, a turnaround from 2008’s US$109 million loss.
The profit attributable to shareholders comprises underlying profit of US$777.1 million (up 107 per cent from FY2008’s US$375.1 million) and profit from non-trading items of US$864 million (FY2008: loss of US$484.5 million). The latter stemmed mainly from an increase in fair value of investment properties of US$1 billion (FY2008: decrease of US$698.9 million).
Revenue for the period was up 29.4 per cent at US$1.32 billion.
A final dividend of 10 US cents per share for 2009 has been recommended. Total dividend for the year amounts to 16 US cents per share, an increase of 23 per cent from 2008.
HKLand said that net rental income grew 19 per cent over the previous year.
For Singapore, it said that its wholly owned One Raffles Link and joint venture development One Raffles Quay are both fully let.
It also said that construction of Marina Bay Financial Centre (MBFC) is due to complete in two phases, in 2010 and 2012.
The two phases, comprising 190,000 sq m and 150,000 sq m of gross floor area, respectively, are more than 68 per cent pre-committed. It added that the two towers in Phase 1 completing in 2010 are over 81 per cent let.
An independent valuation of the group’s commercial investment properties at the end of 2009, including its share of completed investment properties in associates and joint ventures, was US$15.5 billion, an increase of 6 per cent.
The adjusted net asset value per share increased by 12 per cent to US$6.64 over the year.
Contribution from residential development projects was US$386 million in FY09, compared with a breakeven result in FY08.
In Singapore, construction of Marina Bay Residences, the residential component of Phase 1 of the MBFC, will be completed and handed over to buyers in 2010. HKLand added that the first batch of units of the second MBFC residential tower were released for sale in the last quarter of 2009, and over 95 per cent had been sold by year-end.
MCL Land, HKLand’s 77 per cent-owned listed affiliate, will complete Waterfall Gardens and D’Pavilion in 2010. They were 100 per cent and 44 per cent sold, respectively, at the end of 2009. MCL Land’s The Peak@Balmeg is scheduled for completion in 2011 and was 90 per cent sold, while Parvis is targeting a 2012 completion and was launched for sale in November with 56 per cent sold at the end of 2009.
HKLand said that earnings in 2010 should continue to benefit from high occupancy levels and steady rentals together with the recognition of profits on the completion of residential developments. But it added that some uncertainty remains over the strength and durability of the economic recovery.
Earnings per share for FY09 were 72.96 US cents, against 2008’s loss of 4.79 US cents.
Source : Business Times – 5 Mar 2010
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment