Shui On Land books 1.6b yuan interim loss
Shui On Land (0272) reported a net loss of 1.62 billion yuan (HK$1.82 billion) for the first half this year, compared with a net profit of 1.33 billion yuan a year ago.To get more news about
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The developer said same-store sales of its retail properties have recovered to more than 90 percent of the level a year ago.
Profits from its core business plunged by 93 percent from a year ago to 117 million yuan during the first six months this year, compared with a net profit of 1.33 billion yuan.
Same-store sales for its retail properties have recovered more than 90 percent of the same level last year. The loss was mainly attributed to 1.96 billion yuan of fair value losses, lower leasing income due to waivers of rental and other relief to tenants during the mainland coronavirus pandemic, as well as the delay in the construction and handover of residential units to homebuyers, said the developer.
Losses per share were 20.2 fen. It did not declare an interim dividend.Revenue slumped by 82 percent from a year ago with rental income down by 11 percent.
