New World’s Underlying Profit Up 45% on Hong Kong Home Sales
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New World Development Co., the Hong Kong builder controlled by billionaire Cheng Yu-tung, said underlying profit jumped 45 percent, beating estimates, after it booked more apartment sales in the city. The shares rose.
Profit excluding property revaluations advanced to HK$4.1 billion ($529 million) for the six months ended Dec. 31 from HK$2.83 billion a year earlier, New World said in a statement to Hong Kong’s stock exchange today. That compares with the HK$3.26 billion median estimate of four analysts compiled by Bloomberg News. Sales rose to HK$24.5 billion from HK$19.1 billion.