WHEELOCK and Co is a blue chip with a lot of vision but, to date, it has achieved few results.
The company reported on Thursday profits at the high end of expectations at $1.5 billion, up 42 per cent for the six months ended September 30 in results propped up by exceptionals.
After stripping out the swapping around of assets between Wheelock and sister company Wharf (Holdings), DBS Securities estimates the net profit would have been $693 million, down 30 per cent on the previous period. The asset swaps generated huge exceptional gains that helped to dress up profits.
Wheelock is the parent of a group of companies brought into the world in their present form by the shipping magnate, the late Sir Yue-kong Pao.
In a series of takeovers in the early 1980s Sir Y.K. bought Wheelock Marden, later named World International, along with the Hongkong & Kowloon Wharf & Godown Co, now called Wharf. The group lay relatively still until 1990.
Revitalisation began at Wharf with the group getting its communications act together, resulting in significant rerating of the group in the period 1991 to 1992.
