Kerry’s Underlying Profit Rises on Hong Kong Apartment Sales
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Kerry Properties Ltd., a Hong Kong-based builder controlled by the family of Malaysian billionaire Robert Kuok, said underlying profit for 2010 rose 59 percent after it sold more apartments in Hong Kong.
Earnings excluding gains from property revaluation and deferred taxes rose to HK$3.41 billion ($437 million) from HK$2.14 billion a year earlier, Kerry said in a filing to Hong Kong’s stock exchange today. That compares with the HK$3.2 billion average estimate of 13 analysts surveyed by Bloomberg. Sales rose to HK$21.2 billion from HK$12.9 billion.