Merrill Lynch estimates Hysan Development's interim results slightly higher than

Merrill Lynch said Hysan Development's (0014) interim results were slightly higher than the house expectation, due to a lower interest expense. Hysan posted a net profit of HK$306 million for the first half of 2001, down 51 percent from a year earlier. As expected, the slide in net profit was due to a setback in non-recuring income. Stripping out the HK$294 million gain on disposal of China Mobile (Hong Kong) shares in the first half of 2000, core profit for the period under review dropped 8 percent.

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