Shui On Land (00272) said its profit attributable to shareholders for the six months ended 30 June 2014 dropped 24.2% year-on-year to Rmb797 million.
Its basic and diluted earnings per share were Rmb10 cents.
The turnover was Rmb5,236 million, an increase of 44.5% from a year earlier, which was mainly due to more properties of a higher average selling price located in Shanghai, having been delivered and recognised as property sales during the reporting period. Rental and related income (including income from hotel operations) rose 9% to Rmb764 million. Core earnings of the Group fell 48% to Rmb253 million.
Gross profit margin declined to 32% (2013: 39%), which was attributable to more turnover of the Group resulting from property sales where the gross profit margins were lower than rental and related income.
The proposed interim dividend is HK2.2 cents (2013: HK2.2 cents) per share, payable on or about 26 September.
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