Harbour Center Development net dives by 86pc to HK$117m

Harbour Center Development (0051) said  profit plunged by 86 percent year-on-year to HK$117 million mainly due to a revaluation deficit of HK$161 million.

The basic earning per share were HK$0.17. The company declared a second interim dividend of HK$15 cents per share.

The underlying profit dropped by 15 percent to HK$435 million due the weak performance of hotel and investment properties.  Revenue dropped by 12 percent to about HK$1.4 billion.

Revenue from the hotel business fell by 15 percent to HK$835 million and the net loss was HK$76 million. The occupancy rate of its hotel was less than 10 percent due to the coronavirus.

Shares of Harbour Center Development dropped by 4.35 percent toHK$10.12. Shares of its parent company, Wharf Real Estate Investment (1997) lost 6.23 percent to HK$35.35. Wheelock and Company (0020) fell back 10.08 percent to HK$59.35 after the shares recorded a high yesterday.

Wharf (0004) plunged by 16.55 percent to HK$16.44 after it  resumed trading.