Shun Tak Holdings Ltd, the ferry company and property developer controlled by billionaire Stanley Ho and his family, said first-half profit surged 20-fold on gains from property revaluation and the sale of the Mandarin Hotel stake, now called Grand Lapa Macau.
Net income climbed to HK$1.69bn (US$218m), or 74.9 cents a share, from HK$84.1m, or 3.5 cents, a year earlier, Shun Tak said in a stock exchange filing today. Sales fell to HK$1.66bn from HK$1.81bn.
Profit at Shun Tak’s property unit rose 15% on sales from housing projects in Macau. Overall income may rise further on rising residential prices in the city and Hong Kong, JPMorgan Chase & Co. analyst Billy Ng said.
Source. Property Week
