Shun Tak first half net profit falls 18% to HK$222.2 million

By Kate O’Keeffe

DOW JONES NEWSWIRES

HONG KONG (Dow Jones)–Shun Tak Holdings Ltd. (0242.HK) said Monday its first-half net profit fell 18% from a year earlier due to a smaller contribution from its property division.

The Hong Kong-listed transport, property and hotel company, run by Managing Director Pansy Ho, a daughter of Macau casino tycoon Stanley Ho, said its net profit for the six months ended June 30 was HK$222.2 million (US$28.5 million), down from HK$272.0 million in the same period last year.

Revenue fell 25% to HK$1.22 billion from HK$1.62 billion.

Underlying net profit excluding a revaluation gain fell 43% to HK$35 million from HK$61 million in 2010.

The company didn’t recommended an interim dividend.

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