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ATAHK reads from South China Morning Post that New World China Land, the Chinese property arm of New World Development, said on Tuesday that its net profit rose 0.5 per cent for the 12 months to June, slightly better than market expectations, given the tough housing market conditions in China.
Net profit came to HK$4.64 billion, compared with the Bloomberg consensus forecast of HK$4.56 billion and a net profit of HK$4.62 billion in the same period last year.
Underlying profit, excluding property revaluation gains and exchange differences, surged 34 per cent to HK$4.47 billion. Most of the growth came from completed projects. Turnover gained 38.54 per cent to HK$22.38 billion.
Operating profit from property sales grew 32.48 per cent to top HK$5 billion. Property sales volume jumped 15 per cent to 1.41 million sq meters.
During the period, New World China completed 15 projects with a gross floor area of 1.55 million sq metres. For this financial year, the developer plans to complete 14 projects with a gross floor area of 1.33 million sq metres.
The firm’s gross profit margin is expected to fall from 44.3 per cent previously to more than 35 per cent. It expects contracted sales to drop to 12.5 billion yuan (HK$15.8 billion) for the year to June 2014.
New World China expressed a final dividend of 3 HK cents, compared with 4 HK cents a year ago.
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