Department store operator Wing On Company International reported today full-year net profit surged by 169.3% to HK$2.65bn ($228mn), from HK$986.8mn ($126mn), the year before. Net profit increased mainly as a result of the significant increase in net valuation gain on investment properties in 2017. Underlying profit increased by 27.7% to HK$581.5mn ($74mn), from HK$455.4mn ($58mn) in 2016. Revenue for the year ended December 31, 2017, fell by 4.3% to HK$1.64bn from HK$1.72bn in 2016. Department store revenue dropped by 5.5% to HK$1.21bn from HK$1.28bn in 2016. Department store operating profits fell by 23.2% to HK$116.4mn ($15mn) from HK$151.5mn ($19.3mn) in 2016, due mainly to the decrease in revenue and thus gross Profit.