Wharf Real Estate Investment Co. Ltd.'s underlying net profit for the six months ended June 30 amounted to HK$5.18 billion, or HK$1.71 per share, up 3% from HK$5.02 billion, or HK$1.65 per share, a year earlier.

However, due to a decline in revaluation surplus of investment properties, the Hong Kong-based property company's net profit for the first half dropped 31.3% to HK$6.99 billion, or HK$2.30 per share, from HK$10.18 billion, or HK$3.35 per share, a year earlier.

Consolidated revenue rose 4% year over year to HK$8.50 billion from HK$8.15 billion, while operating profit increased 6% to HK$6.72 billion from HK$6.35 billion.

For the first half, Wharf REIC declared a dividend of HK$1.10 per share, which will be distributed on Sept. 10 to shareholders on record as of Aug. 23.