K Wah International posts 276pc surge in underlying interim profit
Mid-sized developer chaired by property tycoon Lui Che-woo says direct impact of Brexit on Hong Kong and the mainland will be limited
The mid-sized developer, chaired by property tycoon Lui Che-woo, said underlying profit before fair value gain of investment properties increased to HK$1.81 billion. Net profit rose 255 per cent to HK$1.89 billion.
Total revenue rose 130 per cent to HK$5.54 billion , which was mainly derived from the property sales of its Twin Peaks project in Hong Kong, Grand Summit in Shanghai and J Wings in Guangzhou, as well as from rental income from the Shanghai K. Wah Centre.
K Wah reported a moderate decrease in fair value of HK$236 million on its non-current investment of an 3.8 per cent interest in Galaxy Entertainment Group, which owns and operates hotels and casinos in Macau.
Attributable contracted sales mounted to HK$6.7 billion for the six months with HK$4.2 billion expected to be recognised as revenue in the second half of 2016 and the two years ending 2018. the company said in the filing to the stock exchange.
Earnings per share was 66.82 HK cents, and the company announced an interim dividend per share of five HK cents, unchanged from the same period last year.
