Wheelock & Co said yesterday attributable profit rose 51.7 per cent to $1.19 billion in the first half, boosted by higher profits at associate Wharf Holdings and the turnaround at retailing subsidiary Lane Crawford.
Turnover for the six months to September 30 rose 22.4 per cent to $1.92 billion, and earnings per share increased 50.8 per cent to 59 cents.
Wheelock, whose interests include property, hotels and retailing, said it remained positive about the outlook for the property market, even though prices have fallen up to 20 per cent in recent months.
Chairman Gonzaga Li Wei-jen said: 'After many years of robust growth in Hong Kong, some economic consolidation in the coming year is no bad thing.
'However, given Hong Kong's strong fundamentals, the group remains positive about future prospects despite the aftermath of the recent economic turmoil in Asian currencies and financial markets.' Much of Wheelock's profit growth in the first half was derived from conglomerate Wharf, in which Wheelock holds a 47-per cent stake.
In September, Wharf said profits rose 72 per cent to $2.23 billion for the six months to June 30, aided by the sale of long-term equity investments.
Wheelock's bottom-line was also boosted by a better performance at its listed retailing subsidiary, Lane Crawford International.
