Analysts forecast better results in an improving economy as the property conglomerate nets $3.04b
Smaller provisions lifted Wharf (Holdings) to a 34.7 per cent surge in net profit last year, with analysts predicting better times ahead for the property conglomerate as the economy continues to improve.
Wharf made a net profit of $3.04 billion for the year to December, compared with $2.25 billion in 2002.
Wharf, with interests in ports, property, hotels and telecommunications, reduced its attributable impairment provision for properties and investments by $641 million last year.
Also helping the result was a deemed profit of $312 million from the distribution of i-Cable Communications shares as part of the firm's interim dividend for the year.
In the first half, it proposed to pay shareholders an interim dividend that included 12 cents in cash and one i-Cable share for every 10 Wharf shares held. The total distribution will amount to about 244.7 million i-Cable shares, reducing Wharf's holding in i-Cable from 79 per cent to 67.12 per cent.
