Hang Lung Department announced its full-year results for 19 years, of which Hang Lung Properties (00101) ended the end of December last year
Due to the decrease in sales of residential units, the profit on property sales fell by 78.74% year-on-year to 162 million yuan. It fell by 23.59% to 6.172 billion yuan, with earnings per share of 1.37 yuan. Basic net profit excluding property revaluation gains and all related effects rose 9.3% year-on-year to $ 4.474 billion. The final interest rate increased by one cent per year to 0.59 yuan.
Hang Lung Annual Financial Results Summary
Hang Lung Group earns 28% more
In the same period, Hang Lung Group (00010) ‘s property lease profit increased by 3.88% year-on-year to 6.736 billion yuan, net profit attributable to shareholders increased by 28.96% to 6.816 billion yuan, and earnings per share were 5.01 yuan. Basic net profit increased by 44.27% to 3.796 billion yuan. The final dividend increased by 2 sen to 0.63 yuan annually, and a special dividend of 0.26 yuan per share was declared.
During the period, the cash and bank deposits of both companies fell from more than 10 billion yuan at the end of 2018 to more than 3 billion yuan at the end of last year
He Xiaochang, the group’s chief financial officer, said that it was due to the land price of newly purchased land in Hangzhou and a number of capital expenditures during the period, and the group deliberately lowered its cash level because the interest was too low to hold cash.
In addition, Lu Weibo, the Group’s chief executive, said that in the second half of last year, the Group proactively reduced rents to tenants, mainly involving tenants in high-end retail in demonstration areas, and believes that the impact will be reflected in the new fiscal year.