Hongkong Land Holdings Reports Net Loss in First Half of 2023

Hongkong Land Holdings, a renowned landlord and developer focused on China and Southeast Asia, announced a net loss of $333 million for the first half of 2023. This marks a significant shift from the $292 million profit reported in the same period last year. However, the company remains optimistic about its full-year underlying profit, which is expected to increase.

Key Highlights:

• Net Loss: Hongkong Land Holdings reported a net loss of $333 million for the first half of 2023, compared to a profit of $292 million in the same period last year.
• Underlying Profit: The company's underlying profit, which excludes exceptional and one-off items, decreased by 1% to $422 million.
• Pretax Loss: Hongkong Land Holdings experienced a pretax loss of $277.8 million, a significant decline from the $338.2 million profit recorded in the previous year.
• Revenue: Revenue decreased from $894.0 million to $670.3 million.
• Dividend: The board declared an interim dividend of 6 U.S. cents per share, unchanged from the previous year.
• Future Outlook: Despite ongoing challenges in key markets, Hongkong Land Holdings anticipates an improvement in full-year underlying profit compared to the $776.1 million reported in 2022. This optimism is attributed to the timing of development property completions and expected contributions from investment properties.
• Financial Position: The company reassured stakeholders that its financial position remains strong.

While the company acknowledges the persisting challenges in various markets, it remains committed to navigating these circumstances and delivering solid financial performance.