THE chairman of Wharf (Holdings), Peter Woo Kwong-ching, is stepping down to become honorary chairman.

He made the announcement yesterday as the group reported a 44 per cent jump in profits for the first half of the fiscal year.

Mr Woo, who is also chairman of group parent World International (Holdings), said: ''Wharf is a very substantial part of World International. Management succession is an important element in building for the future.'' Deputy chairman and chief executive Gonzaga Li will step into Mr Woo's place. Managing director Stephen Ng will become deputy chairman.