Wheelock Properties

Wheelock Properties earnings jump 13pc after sale of asset

PUBLISHED : Thursday, 07 June, 2007, 12:00am
UPDATED : Thursday, 07 June, 2007, 12:00am

Wheelock Properties saw its underlying profit, excluding revaluation gains and write-backs of provisions, rise 13.18 per cent to HK$1.15 billion for the year to March, as higher contribution from its Singapore-listed subsidiary partly offset lower earnings from Hong Kong development.

The property arm of Wheelock and Co controlled by Peter Woo Kwong-ching said its 76 per cent-owned Wheelock Properties (Singapore) completed the disposal of its British property agency Hamptons Group in August last year, contributing a one-time net gain of HK$360 million.

This partly made up for a 13.9 per cent decline in operating profit to HK$706 million, mainly arising from the absence of development completions during the period.

The group's net profit fell 35 per cent to HK$1.45 billion, dragged down by a property revaluation gain of HK$406 million that was 70.6 per cent lower year on year and a write-back of HK$23 million that was 87.9 per cent smaller than a year earlier.

Turnover fell 19.4 per cent to HK$1.01 billion.

Earnings per share were 70 HK cents compared with HK$1.08 in 2005.

The final dividend was boosted to eight HK cents from seven cents a year earlier, bringing the full-year dividend to 10 cents from 9 cents.

Income from property development dived 64 per cent to HK$34 million and earnings from property investment fell 4 per cent to HK$242 million.

Investment income fell mainly due to lost rental income following the sale of Oakwood Residence Azabujban in Singapore and the redevelopment of the Scotts Shopping Centre and Ascott Serviced Apartments, also in the city-state, starting at the end of December last year.

Before the announcement, Wheelock Properties shares closed 1.17 per cent higher at HK$9.50.