Kerry's Interim Earnings Miss Due to Project Impairment, but Major Segments in Line
For the first half of 2018, Kerry Properties reported core earnings of HKD 1.6 billion, down 45% year on year. The company attributed the decline to an impairment loss of HKD 1.2 billion on a Macau project. Excluding the impairment loss, we estimate core earnings of HKD 2.5 billion, or 51% of our full-year estimate. The company declared an interim dividend of HKD 0.40 per share, down 11% from a year ago. All segments’ results were in line. The impairment resulted from a land rights dispute with ...Kerry Properties is an investment holding company. Through its subsidiaries and associated companies, Co. is engaged in property development, investment and management in Hong Kong, the People's Republic of China (the PRC) and the Asia Pacific region; hotel ownership in Hong Kong, and hotel ownership and operations in the PRC; and integrated logistics and international freight forwarding. The two principal activities of Co. and its subsidiaries are property business and logistics business. The property business is further segregated into the PRC property, Hong Kong property and Overseas property.
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