WHARF (Holdings) turned in 44 per cent net profit growth in the first half of the year to reach $1.38 billion on enhanced results from property disposals.
Earnings per share rose 42.98 per cent to 65.2 cents and the interim dividend rose 15.15 per cent to 19 cents a share.
The group announced that chairman Peter Woo Kwong-ching was stepping down to become an honorary chairman in place of Gonzaga Li, who becomes the new chairman. Stephen Ng was appointed as deputy chairman.
A spokesman said the change was to enable Mr Woo to concentrate on the group parent, World International (Holdings), along with his work at the Hospital Authority, the Hong Kong Polytechnic and the Council for Performing Arts.
After stripping out disclosed non-recurring earnings in the form of disposals, the group's approximate core business growth at the pre-tax profit level was 1.3 per cent, or $1.06 billion.
Analysts, however, were encouraged by the result from the group and expect the full-year net profit to rise 32 per cent to $2.7 billion, with earnings per share up 29 per cent to $1.26, according to Estimate Directory figures.
The group is confident that by 1996 projects now planned, being completed and awaiting an official opening, will kick in a total of $3 billion of recurring rental income, including Times Square, the redevelopment of Harbour City and Gateway.
