Highlights:
Continuing high occupancy levels in competitive market
Substantial decline in Asian property values
Sound financial position
Results: (unaudited) US$m
Six months ended 30th June 1998
Operating profit
1998 228
1997 232
change% -2
Profit after taxation and minority interests 1998 169
1997 206
change% -18
Profit after taxation and minority interests excluding asset provision
1998 199
1997 206
change% -3
Earnings US¢
Earnings per share
1998 6.68
1997 7.85
change% -15
Earnings per share excluding asset provision 1998 7.87
1997 7.85
change% -
Dividends per share
1998 3.50
1997 3.50
change% -
"The Group will continue to focus on enhancing the core office and retail properties in Hong Kong which are held for long-term investment. Other projects are proceeding as planned but further commitments are being considered with caution.
Increased competition in the Group's core Hong Kong market and the economic outlook in Asia inevitably, affect earnings and property values. Nevertheless we remain confident of the long-term attractions of both Hong Kong and regional markets."
Simon Keswick, Chairman
16th September, 1998