Tuesday, March 19, 2019
Martin Hennecke

Wharf core earnings fall as spin-off bites
Wharf Holdings (0004) posted a 9 percent drop in core profit to HK$2.53 billion in the first half, after adjusting out the spin-off of Wharf Real Estate Investment Company (1997).

Revenue rose 4 percent to HK$7.82 billion in the six months ended June. The board has recommended an interim dividend of 25 HK cents per share.

During the period, property sales revenue in China fell by 36 percent to 7.24 billion yuan (HK$8.34 billion), due to housing cooling measures imposed by the mainland government.

Property sales revenue in Hong Kong increased slightly to HK$1.66 billion, mainly from its Mount Nicholson project at the Peak.

The group added a Kowloon Tong site to its land bank earlier this year for HK$12.5 billion.

Wharf also took a 15 percent interest in a joint venture Yau Tong Bay residential project, which will provide 6,300 apartments upon completion.

Revenue generated by the group's logistics segment, Modern Terminal and Hong Kong Air Cargo Terminals, fell by 8 percent to HK$1.26 billion.

The group noted that external uncertainties have swollen markedly primarily as a result of the escalation of trade conflicts between the United States and China.

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