Sun Hung Kai Properties full-year underlying profit falls 14 pct, lags estimates
HONG KONG, Sept 12
HONG KONG, Sept 12 (Reuters) - Sun Hung Kai Properties Ltd , the world's second-largest property company by market value, posted a 14 percent fall in full-year underlying profit, lagging forecasts and marking its first drop in annual earnings due to slow sales in Hong Kong as government cooling mneasures take a toll.
Sun Hung Kai posted an underlying profit of HK$18.6 billion ($2.40 billion) for the 2013 fiscal year, its first fall in full-year underlying profit since the company started reporting underlying profit in 2005.
A Reuters poll of 10 analysts had forecast an underlying profit of HK$19.7 billion for the period.
Shares of the company rose 0.5 percent prior to the results on Thursday, outperforming a 0.1 percent rise in the benchmark Hang Seng Index. The stock has fallen more than 20 percent since highs hit in late January. ($1 = 7.7550 Hong Kong dollars) (Reporting By Yimou Lee; Editing by Anne Marie Roantree)
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