Zhitong Financial APP News, Seaport Enterprise (00051) announced its interim results for the period ended June 30, 2021. The group earned HK $1.813 billion in income, an increase of 177.22% over the same period last year. The loss attributable to shareholders was HK $104 million, down 91.88% from the same period last year. The basic loss per share is HK $0.15 and does not pay dividends.

The announcement said that the sharp increase in revenue was mainly due to the recognition of sales of development properties. Property development income reached HK $1.402 billion (2020: HK $303 million), mainly due to recognition of sales of units in Suzhou International Financial Center, while operating profit increased to HK $146 million (2020: loss of HK $3 million).

It is reported that the group's core investment properties and hotels in Hong Kong, China are also difficult to avoid the scourge of the epidemic in the 21st century. Its hotels are actively expanding the local market, with a significant increase in revenue over last year, but it is still not enough to offset the basic operating costs. At the same time, vacant properties and weak market rents also depressed the rental income of the Group's investment property division.

In the mainland, the profits of Suzhou International Financial Center have been recognized, resulting in an increase in property development income and operating profits. However, the contribution of Suzhou International Financial Center is expected to shrink after 2021. At present, the development of the property portfolio only leaves unsold and slow-selling surplus goods in the two projects of Suzhou International Financial Center and Shanghai South Railway Station.

Due to a low base of comparison, Hong Kong's economy grew significantly in the first half of 2021. Although the local business climate has greatly improved, the most difficult industries are still waiting for cross-boundary activities to return to normal.