Wharf Holdings sees 5pc rise in interim profit
Updated at 6.54pm: Wharf (Holdings') half-year profit rose five per cent to HK$1.2 billion on lower borrowing costs and better contributions from cable-television business.
The result included HK$323 million property provisions including a further HK$119 million write-down for its Bellagio project in Sham Tseng.
Chairman Peter Woo Kwong-ching said the group faced a weak economy and a keen competitive market environment during the period.
Its five core assets Harbour City, Times Square, Modern Terminals, i-Cable and Wharf New T&T continued to perform in line with plan, generating steady recurrent profits, he said.
Analysts said there was no surprise in the result which was generally in line with market expectations.
Turnover fell four per cent to HK$5.57 billion from HK$5.8 billion, mainly due to a reduction in property sales by HK$482 million.
Earnings per share were 49 HK cents, up 4.3 per cent from 47 cents previously. An unchanged interim dividend of 28 HK cents per share was declared.
