Friday, July 10, 2020
Martin Hennecke

Hysan expects over 10pc sales drop
<p>Hysan Development (0014), known as the biggest landlord in Causeway Bay, expects to record a decline of over 10 percent in retail sales last month, mainly affected by anti-government protests.</p><p>The estimated overall retail sales recorded a 4 percent year-on-year growth in the first half, outperforming Hong Kong&#39;s retail sales decline of 2.6 percent for the same period. But retail sales growth slowed to 3 percent in the second quarter from 5 percent in the first quarter, said chief financial officer Roger Hao Shu-yan.</p><p>He added high-end brands, food and beverage, and lifestyle outlets recorded solid growth while jewelry, watches, and clock sales fell in the first half. Hysan&#39;s retail portfolio turnover rose 4.1 percent to HK$1 billion in the first half, with revenue from rent reaching HK$49 million - accounting for only about 5 percent. Chairwoman Irene Lee Yun-lien said the number of tourists will continue to decline due to increasing uncertainties in the local economy, and their tenants adopted a wait-and-see approach with new leases.</p><p>She said the company will work with tenants to weather the storm together. Hao said 20-25 percent of leases will expire next year - a relatively low level.</p><p>The developer yesterday reported its first-half underlying net profit - excluding the unrealized fair value changes on investment properties - rose 8.9 percent year-on-year to HK$1.39 billion, mainly attributed by full-period operation of the new Lee Garden Three.</p><p>Basic earnings per share were HK$1.33, and a first interim dividend of 27 HK cents per share was declared.</p><p>Shares of Hysan fell 3.39 percent to HK$32.80 yesterday.</p>

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