HKEX | 1997
Wharf Real Estate underlying profit increased by 6%, slightly better than expectation
Wharf Real Estate (1997) announced the annual result for last year. The company recorded revenue of HKD 16.481 billion, decreased by 21% year on year, profit for the year was up 4.7% to HKD 18.259 billion. Earnings per share was HKD 5.94 and the second interim dividend of HKD 1.05. Underlying net profit of the year was increase by 6% to HKD 10.053 billion, equivalent to HKD 3.31 per share.
During the period, the total revenue of Harbour City increases by 10% to HKD 11.871 billion. As of retail revenue increased by 14% to HKD 7.529 billion. The occupancy was 98% at the year end. Average passing rent grew by 12% to HKD 483 per square foot per month. The tenant sales at Harbour City achieving a record high at HKD 37 billion. Tenants collectively turned over more than HKD 100 million of daily sales on average. Times Square revenue increased by 1% to HKD 2.841 billion and average retail passing rent slipped slightly to HKD 297 per square foot per month.