Property News · February 27, 2019

Sun Hung Kai Properties posts 31.2 per cent drop in interim profit as it adopts new accounting standard


Sun Hung Kai Properties, Hong Kong’s biggest developer by market value, reported a 31.2 per cent fall in underlying profit for the six months to December because of a change in accounting policy, it said in a filing to the Hong Kong stock exchange on Wednesday.The company said that from July 1, 2018, it had been recognising revenue from property sales in Hong Kong only after delivering the property to buyers.Its interim core profit, excluding revaluation gains on investment properties, was HK…

Source : South China Morning Post
Read more…Sun Hung Kai Properties posts 31.2 per cent drop in interim profit as it adopts new accounting standard