HONG KONG, Feb 27 (Reuters) - Hong Kong’s Sun Hung Kai Properties reported a 31 percent fall in half-year underlying profit on Wednesday, dragged down by a change in accounting standard which leads to later recognition of revenue.
Underlying profit in the six months ended December 31 at Sun Hung Kai, the most valuable developer in one of the world’s priciest property markets, was HK$13.7 billion ($1.75 billion), versus HK$$19.97 billion a year ago.
Underlying profit excludes the net effect of changes in the valuation of investment properties.
Higher property sales revenue will be recognised in the second half of the financial year, the company said in a statement. ($1 = 7.8495 Hong Kong dollars) (Reporting by Clare Jim; Editing by Muralikumar Anantharaman)