By Justina Lee

Sun Hung Kai Properties Ltd.'s net profit for the year ended June dropped 48%, weighed by a decline in the fair value of investment properties.

Full-year net profit was 23.52 billion Hong Kong dollars (US$3.03 billion), compared with HK$44.91 billion the previous year, the developer said Thursday.

Revenue fell 3.1% to HK$82.65 billion, Sun Hung Kai Properties said.

The company said the group's hotel business was hit hardest by the Covid-19 pandemic, and it has taken proactive measures to save costs and improve its operating efficiency. 



  Write to Justina Lee at justina.lee@wsj.com