Great Eagle Holdings said profit plunged 95.96 per cent last year profit mainly on a decline in gains from revaluation of investment properties and a fall in rental income after the sale of Citibank Plaza.
Net profit dived to HK$405.51 million or 68 HK cents per share from HK$10.03 billion or HK$16.93 per share in 2005.
Revaluation gains from investment properties shrank to HK$342.17 million from HK$12.98 billion, after the company sold its interest in Citibank Plaza in Central to Champion Real Estate Investment Trust in May.
Champion Reit, in which Great Eagle holds a 49 per cent stake, then raised about HK$10 billion in a Hong Kong listing.
Great Eagle assistant director Adrian Lee Ching-ming said underlying profit rose 90.5 per cent to HK$461 million after stripping out revaluation gains, but including a one-off gain of HK$105 million from the sale of office space in Langham Place in Mong Kok.
Mr Lee said the underlying profit also included a one-time loss of HK$264.62 million because the sale price fetched for Citibank Plaza came in at less than the company's estimations.
Gross rental income fell 19.25 per cent to HK$636.7 million as the contribution from Citibank Plaza dropped to HK$146.4 million from HK$330.5 million.
