The Wharf underlying income tumbles by 59pc to HK$6.5b

Business | 7 Mar 2019 1:26 pm

The Wharf (Holdings) (0004) said underlying net profit for 2018 fell by 59 percent to HK$6.51 billion

Net profit, including investment properties revaluation surplus and other items, slumped by 70 percent to HK$6.62 billion.

Basic earnings per share were HK$2.18. A second interim dividend of HK$0.40 per share was declared.

Adjusted for the demerged Wharf Real Estate Investment (1997) for a more meaningful comparison, underlying net profit fell by 11 percent to HK$6.51 billion and the net profit fell 50 percent to HK$6.62 billion.

Group revenue tumbled by 51 percent to HK$21.06 billion.

Investment properties revenue decreased by 75 percent to HK$3.57 billion, development properties revenue dropped by 43 percent to HK$12.91 billion. Hotel revenue declined by 69 percent to HK$463 million. Logistics revenue decreased by 7 percent to HK$2.62 billion.

Excluding Wharf REIC, revenue fell by 13 percent to HK$21.06 billion.

Shares of The Wharf (Holdings) fell 0.78 percent to HK$25.4 in the morning.

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