SHK posts 95% profit fall
11-03-2009
Sun Hung Kai Properties has posted a 95-percent fall in profit for the six-month period up until December last year. Earnings came in at HK$692-million. The plunge was due to a sharp reduction in the value of its buildings, as property prices slumped. If this factor is taken out, profit would have fallen 27-percent to HK$4.5-million. The company said it had no plans to buy land at this stage, as prices were not attractive.
