Wharf underlying profit drops to HK$2.2bBusiness | 8 Aug 2019 1:55 pm
Wharf (0004) reported a 12 percent year-on-year drop in underlying net profit of HK$2.24 billion for the six months ended June 30.
Net profit, including investment properties revaluation surplus and other unrealized accounting gains or losses, fell by 14 percent to HK$2.45 billion compared with the same period of last year. Revenue for the first half of this year grew by 3 percent from a year ago to HK$8.06 billion, among which its revenue from development properties dropped by 21 percent year-on-year to HK$3.09 billion, with fewer mainland project completions for revenue recognition and increase in investment.
Wharf declared an first interim dividend of 25 HK cents per share, the same as a year ago.
Mount Nicholson on Hong Kong Island remains the key contributor to the developer's contracted sales in Hong Kong, with four houses and two apartments sold for a total of HK$3.6 billion, or HK$94,000 per square foot during the six months.
Investment property revenue grew by 21 percent to HK$2.04 billion from the same period last year, driven by the maturing Chengdu International Finance Square and the newly-opened Changsha IFS.