Wharf (004) announced the annual result for last year. The group's underlying net profit for the year decreased by 59% to HKD 6.511 billion, equivalent to HKD 42.14 per share, mainly due to the demerger of Wharf Real Estate in November, 2017. Adjusting out the demerged Wharf REIC for a more meaningful comparison, the group's underlying net profit decreased by 11%.

The group's profit was attributable to equity shareholders, including IP revaluation surplus and other items, decreased by 70% to HKD 6.623 billion. Basic earnings per share was HKD 2.18. Adjusting for the Wharf REIC demerger, the decrease was 50%, which was mainly due to inclusion of gain on disposal of 8 Bay East of HKD 4.499 billion in 2017. The second interim dividend of HKD 0.4 per share.

The group revenue decreased by 13% to HKD 21.055 billion. Investment properties revenue increased by 28% to HKD 3.586 billion. Development properties recognized 24% lower revenue of HKD 12.914 billion. Total development properties contracted sales decreased by 16% to HKD 27.958 billion. Mainland contracted sales fell by 5% to RMB 22.815 billion, and revenue recognition decreased by 21% to HKD 22.236 billion. Net order book rose to RMB 21.766 billion. HK contracted sales amounted to HKD 1.919 billion. Sales recognition decreased to HKD 1.667 billion.