Core profit up 8pc at Wheelock & Co

Wheelock & Co has announced a 8 per cent rise in its core profit to HK$7.82 billion for last year, but net earnings declined because of a lower net gain in revaluation of investment properties.

Net profit fell 37 per cent to HK$16.95 billion, compared with HK$26.9 billion in 2012.

The company said its subsidiary Wharf Holdings contributed HK$5.8 billion to core profit.

During the year, the company’s wholly owned subsidiary Wheelock Properties delivered a solid performance amid a challenging market environment. It reaped HK$10 billion in property sales, a 45 per cent increase over 2012, achieving its full-year target.

Earnings per share were HK$8.34, down from HK$13.26 the previous year. Directors declared a dividend of 65 HK cents a share, bringing the full-year dividend to HK$1, down from HK$1.10 the year before.