bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

authorLocations

authors

corrections

sponsorType

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

quizIds

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

paywallTypes

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Amy Chew

HONG Kong Realty and Trust Company (HKR) reported a marginal increase in attributable profits of 0.9 per cent to $1.12 billion for the year ended March 31.

  Operating profit fell 18.7 per cent to $1.1 billion. Other items were left to support the profit line in the accounts.

  Wheelock Pacific managing director John Hung said: ''It would be fair to say our property side has been flat.

  ''But that is going to significantly change.''   Analysts are looking for major growth from Wheelock's property side over the next three years as an engine of group growth.

  Earnings were boosted slightly by an increase in holding at group company Realty Development Corporation (RDC) and a greater dividend payout ratio at RDC this year compared with the previous period.

  Furthermore, an exceptional item on sales of investment property at $258.5 million was a significant support to profit growth. The exceptional last year was $187.2 million.

  The exceptional in 1994 represented 23.4 per cent of operating profit.

  Earnings per A share rose 2.06 per cent to 271.8 cents.

  Earnings per B share also rose 2.06 per cent to 54.4 cents.

  Turnover fell 36.73 per cent to $1.86 billion.

  A dividend of 70.75 cents per A share was recommended, while 14.15 cents per B share was recommended.

  The dividend payout ratio at HKR was 26 per cent compared with 25.5 per cent in the previous period.

   HKR over the past three years has been a major outperformer of the index, rising 311 per cent in price terms, and 418 per cent including the dividend effect. It outperformed the index by 264 per cent.

  Over the past 12 months the stock has been a steady performer, outperforming the index by 25 per cent with a price rise of 55 per cent and a rise with dividend of 62.3 per cent.

  According to The Estimate Directory, analysts were expecting three per cent growth for the 1994 period at $1.14 billion with earnings per share at $2.77, up four per cent.

  In 1995 the group is expected to see 25 per cent growth in net profit to $1.43 billion and earnings per share up by 26 per cent to $3.49.

  RDC (announcement details below), was expected to see a reduction in profit of one per cent to $1.08 billion with earnings per share down at $4.83.

  In 1995 net profit was expected to grow by 18 per cent to $1.28 billion with earnings per share growing by the same margin to $5.72.

  HKR has increased its hold over RDC to 72 per cent.

  At Wheelock Properties, Goldman Sachs forecast profit in 1993 at $401 million, rising to $496 million in 1994, a rise of 23 per cent and $668 million in 1995, up 34.7 per cent.



HKR sees improved showing on horizon