New World Development net nearly quadruples

New World Development Co<17> on Tuesday reported its net profit in the first half ended Dec. 31 more than quadrupled, thanks to increasing yield from property sales and rents.

The company, owned by Zheng Yutong family, achieved HK$5.64 billion in nets in the six months ended Dec. 31, up from HK$1.36 billion over the corresponding period of the previous year, the company said in a statement to Hong Kong Stock Exchange.

In the period, earnings from selling properties stood at HK$2.48 billion, compared with HK$197 million a year ago, the statement said without giving details of those deals.

Meanwhile, revenue increased to HK$13.06 billion from HK$10.72 billion.

The company suggested an interim dividend of HK$0.18 per share, up from HK$0.15 a year earlier.