Kerry Properties sees profit fall to HK$1.88 bln in H1

Aug. 27, 2009 (China Knowledge) - Kerry Properties Ltd<0683>, a property and logistics company with investments throughout Asia, yesterday posted a HK$1.88-billion net profit for the first half of this year, a decline of 24.3% from HK$2.48 billion a year ago, sources reported.

According to its interim financial report, the Hong Kong-listed enterprise gained HK$467 million in property leasing, HK$722 million in property sales, HK$10 million in hotel operation, HK$270 million in logistics business and HK$34 million in property management.

CFO Chi Kong Wong noted that the firm's contracted sales revenue hit HK$4.5 billion in the first six months of this year, of which HK$2.5 billion was from Hong Kong and HK$2 billion from mainland China.

At the end of July, Kerry Properties' sales revenue totaled HK$5.2 billion, exceeding the annual target of HK$5 billion. However, the company currently has no plans to increase its sales target.

Kerry Properties principally has two properties for sale in mainland China this year, one in Hangzhou, Zhejiang Province and one in Shanghai. Units in the Hangzhou project will be sold at an average price of RMB 9,000 per square meter and units in the Shanghai project will be sold for RMB 28,000 per sq m on average, Chi Kong Wong added.