Hong Kong's Wheelock Group Net Profits Escalated Up
August 20th, 2015
Hong Kong’s Wheelock Group, holding company of Wharf, reported interim net profit, profit attributable to equity shareholders, increased by 4 percent to HKD 8.01 billion, earnings were HKD 3.94 per share for the reporting period.
The Wheelock Group, which owns Wheelock Properties, Wharf Holdings, and Wheelock Properties Singapore, reported first half underlying profit increased by 78 percent to HKD 6.33 billion from HKD 3.55 billion of the year before. The real estate developer attributes this to higher property development profit and robust rental revenue.
Group revenue increased by 55 percent to HKD 28.65 billion, mainly attributable to higher property sales recognised and increase in rental revenue. Operating profit increased by 38 percent to HKD 11.38 billion. Revenue from the mainland China increased by 34 percent to HKD 1.12 billion.
Wheelock Group holds 100 percent of Wheelock Properties, 58 percent of Wharf Holdings, and 75.8 percent of Wheelock Properties Singapore .
Wheelock Properties’s own underlying profit increased by 316 percent to HKD 3.2 billion as a result of One Bay East’s profit recognition. One Bay East will be handed over to Manulife and Citigroup in September 2015. Contracted sales has totalled HKD 2.8 billion. Wheelock’s managed to maintain its own net debt to shareholders’ equity (on an attributable net asset value basis) reduced to 17.1 percent from 18.8 percent of the year before.
Wheelock Group’s shareholding of Wharf increased from 55.6 percent (as at 31 December 2014) to 57.8 percent (as at 30 June 2015). Attributable underlying profit from Wharf Holdings to the Wheelock Group increased by 12 percent to HKD 3.0 billion.
Wheelock Properties Singapore’s attributable underlying profit to Wheelock Group increased by 6 percent to HKD 0.1 billion. The Panorama, Scotts Square Residential and Ardmore Three sold 144 units during the first half of 2015. Wheelock Properties Singapore owns Wheelock Place and Scotts Square malls on Orchard Road of Singapore.