HONG KONG: Sun Hung Kai Properties Ltd, Asia's largest developer by market value, posted underlying profit of HK$10.42 billion (RM4.08 billion), beating forecasts on strong property sales in the Chinese territory.

Sun Hung Kai, builder of Hong Kong's landmark International Finance Centre, was expected to report an underlying profit of HK$9.66 billion, according to an average estimate of six analysts.

Net profit was HK$21.02 billion for the quarter ended December, up 36% from a year earlier, the company said in a filing on the Hong Kong stock exchange on Monday, Feb 28.

The announcement came after the market closed. Sun Hung Kai shares were up 1.21%, compared with the Hang Seng Index's 1.42% rise. — Reuters

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