September 13, 2018 / 8:52 AM / 2 months ago

Sun Hung Kai Properties' FY underlying profit rises 17 pct

HONG KONG, Sept 13 (Reuters) - Sun Hung Kai Properties , the most valuable developer in one of the world’s priciest property markets, reported a 17.1 percent jump in full-year underlying profit on Thursday, in line with analyst estimates.

Higher contributions from property sales and rental income buoyed the property giant, which raked in an underlying profit of HK$30.40 billion ($3.87 billion) in the year ended June 30, versus HK$25.97 billion the previous year.

The underlying profit excludes the net effect of changes in the valuation of investment properties. The reported figure matched an average forecast of HK$29.74 billion by 16 analysts polled by Thomson Reuters Smart Estimates. ($1 = 7.8489 Hong Kong dollars) (Reporting by Venus Wu; Editing by Gopakumar Warrier)

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