Stock Track | Hang Lung Properties Shares Plunge 14% on Lower Profit and Dividend

Stock Track07-30

Hang Lung Properties (00101), a leading Hong Kong-based real estate company, saw its shares plummet by over 14% in Tuesday's afternoon trading session. This sharp decline came after the company reported a significant drop in its first-half profit and announced a lower interim dividend.

According to the company's filing with the Hong Kong Exchange, Hang Lung Properties recorded a profit attributable to shareholders of HK$1.06 billion for the six months ended June 30, 2024. This figure represents a substantial decrease compared to the HK$2.39 billion profit reported in the same period last year.

The company's earnings per share also took a hit, falling from HK$0.53 in the previous year to HK$0.23 for the first half of 2024. Despite an increase in revenue from HK$5.24 billion to HK$6.11 billion year-over-year, the lower profitability and reduced interim dividend of HK$0.12 per share, down from HK$0.18 a year ago, weighed heavily on investor sentiment.

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