New | Hong Kong’s Wheelock & Co says core earnings up 3.59 per cent to HK$8.1 billion

Property and logistics conglomerate Wheelock & Co reported core earnings rose 3.59 per cent to HK$8.1 billion last year due to steady growth in rental revenues.

In a company statement filing with the stock exchange on Tuesday, the firm said the solid financial results last year mainly due to “continuous rental revenue growth, which was partly offset by lower development property profit, decrease in profit contribution from associates and lower investment disposal profit as compared to 2013.”

Net profit, including a revaluation gains on investment properties, jumped 29.81 per cent to HK$22 billion, from HK$16.96 billion in 2013.

Directors declared a dividend of 68.25 HK cents a share, bringing the full-year dividend to HK$1.0675, down from HK$1 in the prior year.

It said it has pulled in contracted sales worth HK$18.8 billion in Hong Kong, of which HK$13.1 billion came from the sale of residential properties and HK$5.7 billion from commercial property sales.

Shares in Wheelock & Co dropped 1.488 per cent to HK$36.4 after the result announcement.