3 months ago
Stock Market

Property Firm Hon Kwok’s Shares Drop on 77% Profit Dive

Investing.com - Hon Kwok Land Investment Co Ltd (HK:0160) shares dipped in Hong Kong on

Investing.com - Hon Kwok Land Investment Co Ltd (HK:0160) shares dipped in Hong Kong on Wednesday as investors brushed off a 77% fall in the company’s interim net profit caused by a one-off disposal a year earlier.

The company reported a fall in profit from March to September compared to the same period in 2017. Hon Kwok’s net profit for the March to September 2018 period fell to HK$576 million from HK$2.5 billion during the same period in 2017.

The company said profits in 2017 were shored up by a non-recurrent gain on the disposal of a bare site in Guangzhou that amounted to HK$2.4 billion.

The firm also reported unaudited revenue of HK$1,184 million from March to September 2018, a 22.3% jump year-on-year from HK$968 million. Hon Kwok attributed the increase to a leap in property sales in mainland China. The company has sold property units in Botanica in Guangzhou and Metropolitan Oasis in Nanhai.