Chinney Investments’ first-half net profit inches up while revenue hits

Chinney Investments (00216.HK) saw an increase in net profit in the first half of the year while revenue fell.

Net profit increased 6.79% to HKD 350 million from HKD 328 million the previous year, owing to an increase in property rental income contribution after the data center building was put into use.

Meanwhile, revenue fell 18% to HKD 609 million as property sales from the Group's development project in mainland China tumbled.

Earnings per share increased from HKD 0.10 to HKD 0.11 per share.

Profit attributable to shareholders increased 9.31% to HKD 58 million, up from HKD 53 million the previous year.

Investment property reached HKD 15.31 billion, inching up 0.71%. HKD 15.21 billion was recorded previously.

No interim interest will be given out.

Despite facing challenges brought by the pandemic and inflation, the property company predicts increased local opportunities as a result of high housing demands.  

“We should sit back and observe obstructions caused by political tension between China and the US, ” Wong Sai-wing, chairman of Chinney Investments said in the report.

The company closed at HKD 1.55 on Tuesday.