Hongkong Land 2013 Pretax Profit Falls

LONDON--Hongkong Land Holdings Ltd. (H78.SG), a property developer in Hong Kong, Thursday reported a fall in full year 2013 pretax profit, and said that its key commercial markets of Hong Kong and Singapore are expected to remain broadly stable in 2014.

MAIN FACTS:

-Pretax profit for the year ended Dec. 31, 2013, amounted to 1.36 billion U.S. dollars, compared with $1.57 billion in the year ago period.

-Adjusted pretax profit $938.8 million versus $780.0 million.

-Net profit $1.19 billion versus $1.44 billion.

-Net asset value per share 11.41 cents versus 11.11 cents.

-Revenue $1.86 billion versus$1.11 billion.

-Earnings per share 50.56 cents versus 61.32 cents.

-Adjusted earnings per share 39.73 cents versus 33.11 cents.

-Net debt $3.03 billion versus $3.27 billion.

-Cash and cash equivalents $1.40 billion versus $981.0 million.

-Directors are recommending a final dividend of 12 cents per share, making a total of 18 cents, versus 17 cents.

-Residential businesses, a higher contribution is anticipated from the China operations, but this will be more than offset by a significant reduction in profits from Singapore residential operations.

-Write to Tapan Panchal at [e-mail]

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