Investing.com - Hong Kong-listed New World Development (HK:0017) reported a net income of HK$23.34 billion (US$2.98 billion) on Thursday for the financial year ended on June 30, which is an over 200% surge from the previous year.
The company made a profit of HK$7.98 billion (US$1.02 billion) for the period, an 11.8% increase year-on-year, exceeding the expectation of HK$7.81 billion (US$1 billion). Its revenue rose 7% year-on-year to HK$60.69 billion (US$7.76 billion), slightly lower than the estimates of HK$61.33 billion (US$7.84 billion).
At the end of June, New World had a total of 12 million square feet of land in Hong Kong, a third of which is for residential use. About 400 residential units are available for sale this month, while 1,300 others that are still in development in Yuen Long, Ho Man Tin and To Kwa Wan to be released. The company also has 7 million square meters of land in mainland China as of the end of June.