New ETF Book by Larry Connors - Click here to read more
Earnings per share for the six months ended Dec. 31, 2008 were 0.27 HK dollars, representing a decline of 95 percent.
But the underlying profit attributable to shareholders, excluding the effect of fair-value changes on investment properties, was 4.54 billion HK dollars (582 million U.S. dollars), down 27 per cent.
The sharp decrease in net profit was partly due to a revaluation deficit on investment properties of 3.81 billion HK dollars (488.5 million U.S. dollars), compared to a revaluation gain of 7.46 billion HK dollars (956 million U.S. dollars).
The revenue from property sales was only slightly lower at 5.78 billion HK dollars, the company said in its interim results.
Gross rental income and net rental income were both up 24 percent year on year in spite of the economic downturn.
"Occupancy of the Group's rental portfolio remains high at 94 percent, although leasing in Hong Kong tapered off in the last few months," it said.
The directors declared an interim dividend of 0.8 HK dollars per share.
The company, which mainly operates in Hong Kong and the Chinese mainland, said it expected the global economic condition to remain challenging in the year ahead, but the mainland economy is expected to grow steadily this year and Hong Kong is likely to benefit from the mainland strength.
"With continued growth on the mainland, Hong Kong's economy should fare better relative to its peers, although it will have to face challenges in 2009 against an uncertain macro environment in developed countries," the company said in the report on interim results.
But the "fundamentals for the Hong Kong residential market remain intact despite short-term macroeconomic uncertainty," it said, citing strong affordability, low mortgage interest levels and relatively attractive rental yields.
SHK will continue to develop its business over the next few years by increasing its land bank, amongst others, the company said.
Shares of SHK Properties, a component of the blue-chip Hang Seng Index, rose 3.95 percent to close at 59.2 HK dollars on Wednesday. (7.8 HK dollars = 1 U.S. dollar)
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
