Asian Growth Properties profits fall

Asian Growth Properties' profit attributable to shareholders fell to HK$425.4m for the year ended 31 December from HK$1,336.7m in 2015.

The reported profit included a revaluation deficit on investment properties net of deferred taxation of HK$75.5m (2015: revaluation surplus of HK$980.8m.

Net profit, excluding the effect of the revaluation deficit, rose to HK$500.9m from HK$355.9m, including a realised gain of HK$611.5m and HK$127.1m in relation to the sale of the property of Dah Sing Financial Centre and Chengdu Nova City project respectively and a realised loss of HK$90.5m and HK$32.3m in relation to the sale of the Kaifeng Nova City and Huangshan projects respectively.

At 8:47am: (LON:AGP) Asian Growth Properties Ltd share price was +16.5p at 67.5p