Hang Lung Properties profit decreases to $1.06b in H1

Earnings per share stood at HK$0.23.

Hang Lung Properties Limited (Hang Lung) net profit attributable to shareholders has decreased to $1.06b in the first half (H1) of 2024 from $2.39b in the same period last year.

In a regulatory filing, the company said the corresponding earnings per share was $0.23 from $0.53 last year.

Hang Lung Properties also reported a total revenue of $6.11b which increased by 17% due to property sales revenue of $1.23b.

Revenue from property leasing, meanwhile, decreased by 7% to $4.89b, primarily affected by weakened luxury consumption in the Mainland, the softening of retail and office markets in Hong Kong, and the Renminbi depreciation. 

The overall operating profit dropped by 10% to $3.43b.