LONDON (Alliance News) - Asian Growth Properties Ltd Thursday said pretax profit and revenue fell in the first half of the year, after last year's results benefited from a profit gain on the disposal of assets, although the company posted a higher net profit thanks to a lower tax charge.
The Hong Kong-based China property development and investment company reported a pretax profit of HKD326.4 million for the six months to June 30, compared with HKD337.2 million in the first half of 2013.
However the company reported a higher net profit of HKD205.0 million, benefiting from a lower tax charge.
The company's net asset value per share as at June 30 was 108.4 pence, as compared with 110.0 pence as at December 31, 2013.
Revenue for the six month period came to HKD327.3 million, compared with HKD485.7 million a year earlier. It said the revenue was mainly generated from the rental income from investment properties and revenue from hotel operations.
The company said that in the first-half, it continued to develop various property projects in Hong Kong and Mainland China.
"The rental income from investment properties situated in both Hong Kong and Mainland China continue to provide stable returns to the group. Crowne Plaza Hong Kong Causeway Bay has also performed satisfactorily with improvements in room rate as compared to last year," it said in a statement.
Shares in the company closed Thursday 4.2% higher at 16.68 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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