Hongkong Land underlying profit fell 20% in FY 22
It declined due to lower contributions from development assets.
With the subdued office leasing and lower contributions from its development business, Hongkong Land’s underlying profit attributable to shareholders went down 20% YoY to $1.045b (US$776m) in 2022.
Its net profit was at $273m (US$203m) in 2022, after including net non-cash losses of US$573 million resulting primarily from lower valuations of Hongkong Land’s investment properties.
To explain, the group’s investment properties were stabilised but there were financial impacts in the retail portfolio from the health restrictions in China in 2022.
There were also lower average office rents in Hong Kong which was offset by decline in operating costs.
$1 = US$0.74