Sa Sa's Hong Kong operations jumped 28.7% to $437m

Revenue growth was 15%.

According to Barclays, 1HFY14 net profit growth was solid at +26.7% y/y to HK$357mn, which was in line with estimates. 

Hong Kong operations drove growth as expected, while China losses slightly expanded and the 'others' segment also saw lower profitability.

Here's more from Barclays:

Interim and special dividend in total of HK9.0 cents was proposed, representing 71.4% payout, in line with our expectations.

Overall revenue growth was at +15% y/y. EBIT margin saw 0.7ppt y/y improvement to 10.9% in 1HFY14; this was driven by a 1.2ppt gross margin improvement, along with HK$14mn new sublease income in 1HFY14. This was partially offset by higher staff and rental costs which were +0.2ppt and +0.8ppt, respectively, as a % of sales.

Growth was mostly driven by the core Hong Kong operations that saw +28.7% y/y EBIT growth to HK$437mn, on turnover growth of +19% y/y (SSS +13% y/y). EBIT margin expanded to 14.0% in 1HFY14, up by 1.1ppt compared to a year ago, primarily driven by a 1.6ppt improvement in gross margins, with success in house brand sales that grew by +26% y/y during 1HFY14.