Friday, September 02, 2011

Net profit at Sino Land (0083) hit a record high of HK$10.5 billion for the year ended June 30, up 73 percent from the previous 12-month period. A final dividend of 35 HK cents was recommended, making a total of 45 cents for the entire fiscal year.
Underlying profit rose 25.5 percent to HK$4.4 billion, backed by strong sales. Revenue from property business surged 91.6 percent to HK$9.2 billion.

With two new projects - The Hermitage and Maison Rose - nearly sold out, the developer expects to complete seven other projects with a total gross floor area of 1.1 million square feet before next June.

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Sino Land yesterday started a roadshow in the mainland for its luxury project One Mayfair.

The Kowloon Tong project comprises 120 homes with 80 percent being four-bedroom flats. The firm may also put Marinella - developed jointly with K Wah International (0173) and Nan Fung Group - on the market later this month. The Wong Chuk Hang project has 411 flats with sizes ranging from 800 sq ft to 1,400 sq ft. They are expected to be priced at HK$20,000 psf.

The company's rental business yielded gross revenues of HK$2.6 billion, up 10.2 percent from the last fiscal year.

Sino Land shares rose 2.2 percent to HK$12.16 yesterday before the results. GRACE CAO