New World Dev't reports net profit of HK$2.08 bln for FY09

Oct. 9, 2009 (China Knowledge) - New World Development Co Ltd<0017>, a conglomerate based in Hong Kong, yesterday said its net profit attributable to shareholders fell to HK$2.08 billion from HK$9.69 billion in the previous fiscal year ended Jun. 30, 2009.

The company attributed the decrease to the effects of the global financial crisis on real estate and retail, high coal prices and the effects of the H1N1 flu outbreak on the hotel industry in Hong Kong during the reporting period, according to the company's annual results statement.

Basic earnings per share were HK 55 cents per share. The company declared a final dividend of 21 HK cents per share.

Revenue was HK$24.42 billion, down from HK$29.36 billion in fiscal year 2008.

New World's hotels in Hong Kong, the Grand Hyatt Hong Kong, the Renaissance Harbour View Hotel and the Renaissance Kowloon Hotel, achieved an occupancy rate of 72% on average. Room rates were down 11% in the period.