HKEX | 20
Wheelock's underlying profit increased by 9% last year
Wheelock (020) announced the annual result for last year. The underlying profit increased by 9% to HKD 13.2 billion, mainly attributable to higher IP profits in HK and Mainland China and good HKP profit. Attributable underlying profit from Wharf REIC increased by 6% to HKD 6.2 billion. Second interim dividend at HKD 1.05 per share, including the investment property revaluation gain and exceptional items, profit attributable to equity shareholder was HKD 17.239 billion, down 16.2% year on year. Earnings per share was HKD 8.43.
The group revenue decreased by 32% to HKD 48.49 billion, mainly due to fewer sizeable new project completions in both HK and mainland China and adoption of new accounting standards during the year for development properties sold in which revenue from investment property increased by 11% to HKD 18.326 billion, revenue from development property decreased by 51% to HKD 23.283 billion. Residential contracted sales reached HKD 26 billion, increase of 52% compared with 2017. Net order book surged to HKD 26.7 billion, representing an increase of 203% from 2017, contributed by MALIBU, OASIS KAI TAK and MONTEREY. Land bank under management stood at 6.3 million square feet in December 2018. If it includes the newly acquired Kai Tak residential land subsequent to last December, land bank has increased to 6.9 million square feet.