Kerry Properties Logs 55% Profit Drop in H1 as Revenue Slides 8%

MT Newswires Live08-21

Kerry Properties (HKG:0683) recorded a profit attributable to shareholders of HK$788 million for the first half of 2024, 55% lower than the HK$1.74 billion logged for the first half of 2023, a Wednesday filing with the Hong Kong stock exchange said.

The company's earnings per share slid to HK$0.54 for the reporting period from HK$1.20 recorded in the same period last year.

The company's revenue for the period came in at HK$5.04 billion, 8% lower than the HK$5.47 billion logged in the year-ago period. The company attributed the decrease in revenue to lower sales recognition of development properties during the period.

The company recommended an interim dividend of HK$0.40 per share for the six months ended June 30, unchanged from last year.

The company's shares were down more than 1% in recent trade.

Price (HKD): $13.92, Change: $-0.20, Percent Change: -1.42%

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