Shun Tak profits more than triple to HK$4.45 billion for 2014

Hong Kong-listed conglomerate Shun Tak Holdings Ltd., steered by Pansy Ho Chiu King, saw its profit attributable to owners more than triple to HK$4.45billion (US$574.58 million) for last year as the company’s property segment registered strong earnings.
According to Shun Tak results filed yesterday, the company’s turnover climbed 167 per cent year-on-year to HK$9.54 billion, with its property business accounting for about 62 per cent of turnover.
The property and shipping conglomerate saw its profit from property segment register at nearly HK$2.49 billion, a staggering rise when compared to only HK$80 million in 2013.
Shun Tak’s revaluation gain on investment properties surged 63 per cent to HK$941 million for 2014, a result that the company said was underscored by accrual of profits from the popular sales of Nova City Phase 4 in Taipa and a ‘successful’ re-launch of remaining units at Chatham Gate in Hong Kong.
The monetisation of assets from disposal of the Taipa Hills Memorial Garden on July 31 last year also contributed to earnings. Shun Tak gained HK$18 million from the disposal of the columbarium, according to the filing.
The company recommended a final dividend of HK2.0 cents per share and a special dividend of HK14.5 cents per share last year, which is yet to obtain shareholders’ approval and is expected to be payable by July 10.
S.L.