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Wheelock FY'17 core profit drops 64% YOY

Wheelock and Co. Ltd. said core profit for the 2017 full year slumped 64% to about HK$1.11 billion, compared to roughly HK$3.09 billion in 2016, due to realization of One HarbourGate's profit in 2016.

Factoring in the company's listed subsidiaries — Wharf (Holdings) Ltd., Wharf Real Estate Investment Co. Ltd. and Wheelock Properties (Singapore) Ltd. — core profit for the 2017 full year amounted to HK$11.99 billion, a 2% increase from HK$11.81 billion in the prior-year period.

Group EPS grew 25.6% on an annual basis to HK$10.06 from HK$8.01, and revenue rose 17% year over year to HK$70.95 billion from nearly HK$60.58 billion.

Consolidated profit attributable to equity shareholders for the full year came to HK$20.57 billion, noting a 26% incline when compared with HK$16.29 billion in the year-earlier period, thanks primarily to higher investment properties revaluation surplus in 2017.

For the year, the company's net debt totaled about HK$57.72 billion, an increase from the roughly HK$50.98 billion in the prior year.

The company declared a second interim dividend of 95.0 Hong Kong cents per share as its final dividend for the 2017 full year, taking the full year 2017 total to HK$1.425 per share, compared to HK$1.300 in 2016. The payment will be made April 27 to shareholders on record April 13.