Hong Kong’s biggest developer reports 7% jump in profit

Sun Hung Kai Properties says property earnings results are likely to be uncertain in future years given the current situation in Hong Kong. (Bloomberg pic)

HONG KONG: Sun Hung Kai Properties, Hong Kong’s biggest developer, reported a 6.6% jump in annual earnings before the city’s political crisis intensified.

Underlying profit, which excludes property revaluations, increased to HK$32.4 billion (US$4.1 billion) in the year end June 30, Sun Hung Kai said in an exchange filing Thursday.

That missed the HK$33.3 billion mean estimate of 11 analysts polled by Bloomberg.

“In the coming year, the global economy is expected to be clouded by a number of challenges, including populism and trade protectionism,” the company said in a statement.

“The downside risks, however, are likely to be mitigated by the low interest rate environment worldwide.”

It also said “results are likely to be uncertain in future years given the current unprecedented challenging situation in Hong Kong.”