Hysan profit rebounds to $517m in H1 after 2020 loss

The Group recorded a $2.62b loss in the same period last year.

Hysan Development Company Limited reported a $517m profit in the six months ending in June 2021 after suffering a $2.62b in 2020.

The rebound was driven by the “positive signs of recovery” seen over the same period as the vaccination drive boosts confidence in the economic outlook both in Hong Kong and the world.

It was also attributed to the fair value changes of investment properties of the group and its associates.

The group’s turnover for the 2021 interim period was $1.83b, down 7.4% from $1.98b in the same period in 2020.

As of 30 June 2021, our office portfolio’s and retail portfolio’s occupancies were 93% (95% on a committed basis) and 97% (97% on a committed basis), respectively. The residential portfolio’s occupancy was 73%.

“Our office portfolio benefited from demand by new economy tenants in the first half of the year,” Chairman Lee Irene Yun-Lien said in a statement.

“We saw expansion from individual tenants within the fintech, Flex/co-work, and wealth management sectors, as well as demand from those originally operating in other parts of the central business district.”

The group’s financial position remains strong, with net interest coverage of 6.5 times and net debt of $7.13b.

It declared a first interim dividend of HK27 cents per share (2020: HK27 cents), which will be payable in cash.