Wheelock underlying income rises to HK$6.9b

Business | 12 Aug 2019 6:30 pm

Wheelock and Company (0020) reported today first-half underlying net profit, excluding investment property revaluation gain and exceptional items, increased by 35.21 percent year-on-year to HK$6.98 billion.

Revenue grew by 23.53 percent to HK$21.71 billion. The net profit fell by 3.22 percent year-on-year to HK$8.33 billion for the first six months.

The basic earnings per share were HK$4.07.

Wheelock declared an interim dividend of 52.5 HK cents per share, up by 5 percent compared with the same period last year.

Residential contracted sales dropped by 30.77 percent year-on-year to HK$16.2 billion. A total of 1,282 units were sold or presold.

The net order book, such as presold but contracted sales not yet recognized, grew by 30.71 percent to HK$34.9 billion from year-end 2018, mainly driven by launches of Montara and Grand Montara in Lohas Park.

In Hong Kong, recognized property sales increased by 4.72 times to HK$4.45 billion while operating profit surged by 7.9 times to HK$1.76 billion, as a result of delivery of residential units in Monterey in Tseung Kwan O and One Homantin in Ho Man Tin.

In mainland China, the developer reported a 30.06 percent drop in recognized property sales to HK$3.12 billion, and operating profit fell 5.14 percent to HK$1.29 billion due to improved profit margins of projects.

Shares of Wheelock and Company fell by 1.52 percent to HK$45.50 today.

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