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Sun Hung Kai Properties posts 0.9 pct rise in profit
September 13, 2012 / 8:27 AM / 5 years ago

Sun Hung Kai Properties posts 0.9 pct rise in profit

HONG KONG, Sept 13 (Reuters) - Hong Kong’s Sun Hung Kai Properties, the world’s second-largest real estate developer, posted earnings that narrowly exceeded exceptions on Thursday as the company built on last year’s impressive performance thanks to strong property prices and low interest rates.

The company, whose billionaire co-chairmen are facing charges in an alleged bribery case, posted an underlying profit of HK$21.7 billion for the company’s 2012 fiscal year, which ended in June, compared with HK$21.5 billion last year.

Analysts had expected underlying income of HK$21.0 billion for the 2012 year, according to StarMine, based on the mean estimate of 19 analysts polled by Reuters.

Since the results are based on sales locked in last year, the company’s performance has yet to see any effect from the high-profile scandal involving brothers Thomas and Raymond Kwok.

The company’s co-chairmen, who deny any wrong-doing, are due in court next month to face charges that they paid a senior government official to favour their interests. (Reporting by Alex Frew McMillan; Editing by Alex Richardson)

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