Hongkong Land Holdings posts US$582m net loss in FY23

The company attributed its loss to a gradual decline in its prime office portfolio valuation.

Hongkong Land Holdings posted a loss attributable to shareholders of US$582m in FY23, following a year of profit in FY22.

In a bourse filing, the company said it recorded a net non-cash loss of US$1.3b in FY23, "arising primarily from the revaluation" of its Investment Properties portfolio. 

In FY22 and FY23, the company said, "negative revaluation movements principally arose in Hong Kong, where there was a gradual decrease in valuations of the group’s prime office portfolio."

In FY23, the underlying profit of Hongkong Land Holdings Limited also dropped 5% to US$734m.

In a statement, the group said lower profits from development properties amidst an improvement in results from investment properties compared to 2022 affected their financial performance. 

Still, the directors proposed a final dividend of US$0.16 per share.