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Wheelock's underlying H1 net profit surges 864% YOY

Wheelock and Co. Ltd.'s underlying net profit grew 864% in the first half to HK$1.91 billion from HK$198 million in the prior-year period, while the property company's revenue during the comparable period surged 418% to HK$4.59 billion.

The Hong Kong-listed parent of Wharf Real Estate Investment Co. Ltd., Wharf (Holdings) Ltd., Wheelock Properties Ltd. and Wheelock Properties (Singapore) Ltd. attributed the increase in its interim results primarily to the gain from the sale of its O'South malls and to higher sales from its property development projects.

Following the consolidation of the results of its subsidiaries, Wheelock's underlying net profit rose 35% in the first half to HK$6.98 billion from HK$5.16 billion a year ago. The group's operating profit during the comparable period jumped 31% to HK$12.68 billion from HK$9.65 billion, while the group's revenue climbed 24% to HK$21.71 billion from HK$17.58 billion.

Meanwhile, the group's profit attributable to equity shareholders fell 3% on an annual basis to HK$8.33 billion or HK$4.07 per share from HK$8.60 billion or HK$4.21 per share.

For the first half, Wheelock declared an interim dividend of HK$1.08 billion or 52.5 Hong Kong cents per share, which will be distributed to shareholders on Sept. 17, according to the company's earnings release. The dividend for the prior-year period was 50 cents per share.