Conglomerate Wharf Holdings will not be spared by sliding stock and property prices when it reveals its six-month earnings today. According to analysts, Wharf's earnings could fall by as much as 60 per cent for the first half of the year. A consensus of analysts' estimates suggests the company will report between $900 million to $1.5 billion in attributable earnings for the period. Other conglomerates have already taken provisions against declines in the value of investments, notably Hutchison Whampoa which recently took a $3.45 billion provision. A year earlier, Wharf booked a $900 million exceptional gain on the sale of stocks, lifting its interim earnings to $2.23 billion. However, Lehman Brothers investment analyst Philip Tulk said Wharf might this year mark down its listed investments by as much as $1 billion. The company made a $1.7 billion provision on listed investments at the end of last year, bringing the value of its portfolio to $7.79 billion on December 31. However, it is uncertain if Wharf will also be taking provisions at the interim stage rather than at the end of the year. Andrew Taylor, an analyst at Paribas Asia Equity, said: 'Apart from subsidiary Modern Terminals, everywhere else is soft.' He said there were some concerns about the value of Wharf's property rentals going forward. Mr Taylor said that rentals at Wharf's new Gateway office project in Tsim Sha Tsui were in the $20 per square foot range and could drag down rents - now about $28 to $30 per square foot - at the rest of the company's Harbour City office complex. The company's increasing debt load was another worry, Vickers Ballas Securities analyst David Loomis said. The company's debt increased from $17 billion to about $27 billion over last year, he said.