Kerry Properties' net profit soared 59% to HKD 5.4b

Despite lower property sales revenue.

According to a release, Kerry Properties achieved HKD 5.4bn in net profit in 1H13, a 59% increase YoY.

In 1H13, property sales revenue was HKD 6.6bn, a 17% decrease YoY. The drop in property sales revenue is due to lower revenue recognition of HK property sales compared to 1H12, which had a high base due to revenue recognition of Lions Rise and The Altitude.

In 1H13, SOHO 189 and Lions Rise were the key contributors to HK property sales recognition. While Bayview was launched in late June, we will recognize its revenue in 2H13 after the formal Sales & Purchase Agreements are signed. 

In PRC property sales, Hangzhou Parkview Residence Ph 2 was the key contributor, followed by Chengdu Metropolis-Arcadia Court Ph 1 and inventory unit sales from projects in Shanghai and Beijing.

In terms of contract sales, Kerry achieved HKD 2.9bn from projects in HK, and HKD 2.2bn from projects in PRC. In HK, we continued to sell Lions Rise and SOHO 189 and launched Bayview. 

In PRC, we sold Hangzhou Parkview Residence Ph 2, Chengdu Metropolis-Arcadia Court Ph 1, Tianjin Arcadia Court, Tangshan Arcadia Court Ph 1, Shenyang Arcadia Court Ph 1, Qinhuangdao Habitat Ph 1 and Changsha Arcadia Court Ph 1, as well as inventory units in projects at Shanghai and Beijing.