This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
New World Development (NWD) is planning to trim HKD 8bn ($1bn) of its non-core assets this financial year, according to the interim results announced by the company yesterday. The developer’s core profit rose by 12% YoY to HKD 4.87bn ($620mn) in 1H24. The HKD 8.3bn ($1.1bn) NWS share disposal by the company in November had an impact of HKD 2.6bn ($330mn) on its equity, according to the earnings release. In order to deleverage its balance sheet, along with non-core asset disposals, the company has planned to lower capex for FY 2024 and has adjusted its dividend for better allocation of the capital. The company had also launched a buyback offer for its dollar bonds last November, to reduce its outstanding debt.
NWD’s dollar bonds were among the top gainers earlier yesterday moving higher by 1.5-1.8 points. Its 4.125% Perp was up 1.8 points to 55.3 cents on the dollar, yielding 13.44%