Financial Highlights:
- Turnover up 24% to HK$7,228 million
- Net attributable profits increased 1% to HK$2,483 million, including effect of the increase in fair values of HK$948 million
- Underlying profits before effects of the increase in fair values up 12% to HK$1,535 million
- Underlying profit per share was HK$1.08 and earnings per share was HK$1.74
- Interim dividend of HK$0.30 per share, with a scrip alternative
- Total assets increased 12% to HK$79 billion for the six months ended 30 Jun 2008
- Gearing ratio was 27%
- NAV was HK$32.51 per share, year on year increased by 26%
- Cash at bank was approximately HK$4 billion
Segmental Information:
- Turnover
- Mainland China Property Division HK$2,065 million; Hong Kong Property Division HK$1,003 million; Logistics Network Division HK$4,087 million
- Net profit attributable to the Group (including effect of the increase in fair values)
- Mainland China Property Division HK$1,620 million; Hong Kong Property Division HK$483 million; Overseas Property Division HK$31 million; Logistics Network Division HK$298 million; Infrastructure Division HK$30 million; Others HK$21 million
Key Operational Data:
- Mainland China Property Division
- Investment property portfolio: Aggregate GFA of 4.65 million sq ft; occupancy rates – residential 73%, commercial 93% and office properties 72%; rental income and operating profit of HK$370 million and HK$259 million
- Property sales: Turnover of HK$1,486 million and operating profit of HK$1,113 million
- Properties under development: Estimated total GFA of 35.92 million sq ft
- New projects: Qufu, Nanchang, Changsha and Beidaihe, with an estimated total GFA of 6.63 million sq ft
- Hong Kong Property Division
- Investment property portfolio: Aggregate GFA of 2.82 million sq ft; occupancy rates – residential 99%, commercial 92% (“MegaBox” 91% leased) and office properties 98% (Enterprise Square Five 99% leased); rental turnover and operating profit of HK$299 million and HK$126 million
- Property sales: Turnover of HK$704 million and operating profit of HK$365 million
- Properties under development: Estimated total GFA of 3.07 million sq ft
- New project: Sheung Wan, with an estimated total GFA of 99,000 sq ft
- Logistics Network Division
- Logistics operations: Turnover and net profit of HK$3,866 million and HK$68 million; 80,215 tons of cargo handled by air, 185,493 TEUs by sea
- Hong Kong warehousing: Turnover of HK$221 million and attributable profit of HK$125 million; aggregate GFA of 6.28 million sq ft; occupancy rate of 97%; higher tariffs achieved