Harbour Centre Development's underlying net profit climbs to HK$99m in first half

Harbour Centre Development (0051), a unit of Wharf Real Estate Investment (1997) that mainly engages in the operation of luxury hotels, reported that its underlying net profit turned around to HK$99 million from a loss of HK$86 million last year, mainly due to lower impairment provisions for development properties.

The company declared no interim dividend, it said in interim results statement that were released on Tuesday.

Meanwhile, its first-half net loss narrowed by nearly 59 percent year-on-year to HK$82 million.

The company's revenue rose 8 percent to HK$705 million, with hotels revenue growing by 13 percent to HK$482 million. Hong Kong revenue increased by 15 percent to HK$440 million, while its mainland business revenue decreased by 2 percent to HK$42 million.

The company noted that it expects Hong Kong’s hotel and tourism sector to continue a steady recovery into the second half, supported by regional demand and a pipeline of mega events.

However, it also pointed out that the operating environment remains sensitive to external uncertainties, as consumer confidence and spending patterns may be affected by global economic and geopolitical developments. 

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