- Hongkong Land (SGX:H78) reported FY25 underlying profit of US$461m (+12% y-o-y), which included property provisions of US$371m and net gains of US$247m on reclassification of properties for sale to investment properties and fixed assets.
Lower contributions from rental and build-to-sell businesses.
- - Read this at SGinvestors.io -
- Stripping out earnings from the build-to-sell business, underlying profit from prime properties investment fell 8% y-o-y to US$458m.
- Despite softer earnings, final dividend increased 12% y-o-y to US$0.19, bringing full-year Hongkong Land's dividends to US$0.25.
Improving office vacancy.
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- However, negative rental reversions continued to flow through the Central portfolio, resulting in average office rents declining 7% y-o-y to HKD94 psf.
- With spot rents in Central showing signs of stabilisation, rental reversions are expected to turn less negative over the coming year.
Growing retail rents.
- Read more at SGinvestors.io.
