Stock Track | Hang Lung Properties Shares Plunge on Disappointing First-Half Results

Stock Track07-30

Hang Lung Properties, a prominent Hong Kong-based real estate company, experienced a sharp decline in its share price on Tuesday, plunging by over 14% during intraday trading. The stock's steep fall was primarily driven by the company's disappointing first-half financial results and lower interim dividend announcement.

According to the company's filing with the Hong Kong Exchange, Hang Lung Properties reported a profit attributable to shareholders of HK$1.06 billion for the six months ended June 30, 2024. This figure represents a substantial 55.7% 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 significant 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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