bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Peggy Sito

Property and logistics conglomerate Wheelock and Co said its core profit, excluding property revaluations and exceptional items, rose 40 per cent to HK$4.76 billion in the first half of the year.
The result was mainly helped by profit from property sales, and rental revenue growth at 52 per cent-owned subsidiary Wharf.
On Tuesday, Wharf reported 5 per cent higher core profit of HK$5.68 billion for the first half.
Wheelock said yesterday attributable profit, including property revaluations, dropped 20.1 per cent to HK$10.85 billion while revenue fell 11.76 per cent to HK$17.4 billion, mainly because of lower property sales.
A one-off sale included the disposal of shares in Singapore luxury developer SC Global Developments.
Operating profit was 20 per cent lower at HK$7.3 billion, compared with HK$9.1 billion previously.
Despite a decline in bottom-line profit, the company announced interim dividend would be increased by 40 per cent to 35 HK cents per share.
BNP Paribas property analyst Patrick Wong Chi-leung said Wheelock had been actively acquiring land in the past year and that its outlook would largely depend on the performance of the residential market.
Wong said he expected the developer would find it more difficult to dispose of its luxury properties.
Wheelock is one of the two dominant landowners in Tseung Kwan O South, owning four sites that together offer 2.3 million square feet of gross floor area for development into more than 2,500 residential units.
Its Mount Nicholson site on the Peak, which was acquired for HK$10.4 billion through a 50-50 joint venture with Nan Fung group, will be developed into luxury residences with a gross floor area of 324,000 sq ft. Pre-sales were scheduled for next year.
The company said its major commitments to future capital and development expenditure were estimated at HK$109.7 billion as of June, of which HK$34.4 billion was authorised and contracted for.
Attributable committed land costs of HK$9.9 billion were payable this year, it said.
Net debt increased HK$9 billion in the first half to HK$82.2 billion. The ratio of net debt to total equity was 27.5 per cent, compared with 25.6 per cent in the same period last year.
Wheelock's shares rose 0.38 per cent to close at HK$39.25 yesterday.


120 years of SCMP: from AS Watson to HSBC and Star Ferry, many of Hong Kong’s oldest businesses predated the Post

Wheelock’s Monaco Marine project in Kai Tak proves popular with Hongkongers as second batch of flats sells briskly

Sino Land, Wheelock unleash cheaper flats to boost sales as Hong Kong emerges from ‘lost months’ of strict Covid-19 measures

Wheelock offers 12 per cent discount on new Kai Tak flats to kick life back into Hong Kong’s slumping property sales

Wheelock & Co

Wheelock core interim profit rise 40 per cent to HK$4.76 billion

Wheelock owns four sites in Tseung Kwan O South on which 2,500 flats can be built. Photo: Nora Tam

Passers-by take pictures of a giant Gundam on display at Times Square in Causeway Bay. Healthy foot traffic at Times Square, Harbour City and Plaza Hollywood underpinned profit rises at The Wharf (Holdings) and its parent, Wheelock & Co.  Photo: SCMP

Wharf confident on retail outlook

Deputy chairman Stephen Ng, at the results briefing yesterday, is optimistic on rents. Photo: Edward Wong

Wharf says the visiting giant Rubber Duck installation created ‘a media frenzy’. Photo: SCMP

Property

Hong Kong & China

Business

Companies

Developer's underlying gains climb 40 per cent in first half but net income and revenue weaken


Property and logistics conglomerate Wheelock and Co said its core profit, excluding property revaluations and exceptional items, rose 40 per cent to HK$4.76 billion in the first half of the year.


Wharf Holdings

Wheelock core interim profit rise 40 per cent to HK$4.76 billion

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Developer's underlying gains climb 40 per cent in first half but net income and revenue weaken

Developer's underlying gains climb 40 per cent in first half but net income and revenue weaken