Hongkong Land 1H Pretax Profit $1.62B Vs Loss $483.8M

29th Jul 2010 11:01

LONDON (Dow Jones)--Hongkong Land Holdings said Thursday it made pretax profit of $1.62 billion for the half year ended June 30 aided by a $1.03 billion gain on investment property revaluations, compared with loss of $483.8 million, and said the second-half result will benefit from the completion of further residential units, although the contribution will be less than in the first half. MAIN FACTS: -Revenue $765.1 million versus $521.5 million -Operating profit was $1,239 million -Adjusted earnings up 70% to $477 million versus $281 million -Adjusted earnings per share 21.20c versus 12.47c -Earnings per share 61.84c versus loss 17.89c -Interim dividend per share maintained at 6.0c -Net asset value per share $6.17 versus as at Dec. 31, 2009 $5.67 -Adjusted net asset value per share $7.21 versus Dec. 31, 2009 of $6.64 -Net debt of $2.1 billion compared with $2.4 billion at the end of 2009. -Gearing was 13.0%, based on adjusted total equity. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 29, 2010 06:01 ET (10:01 GMT)