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Wheelock posts 6% YOY jump in H1 core profit

Wheelock and Co. Ltd.'s core profit for the first six months of 2017 came in at HK$5.41 billion, up 6% from roughly HK$5.13 billion in the year-ago period.

The Hong Kong-listed company attributed the increase mainly to "resilient rental revenue." Group profit attributable to equity shareholders totaled HK$6.24 billion, versus HK$5.66 billion in the first half of 2016. Earnings per share were HK$3.06, compared to HK$2.79 a year earlier.

First-half revenue rose to HK$33.01 billion, from about HK$27.20 billion in the year-ago period, while net debt as at June 30 was HK$46.97 billion, up from HK$50.98 billion as at 2016-end.

Wharf (Holdings) Ltd., of which Wheelock is the majority shareholder, recently posted its first-half earnings, recording a 26% year-over-year growth in attributable profit to HK$8.44 billion.

Meanwhile, Wheelock Properties (Singapore) Ltd., in which the company also holds a majority stake, recorded a "stable" performance during the first half, with the sale of 135 residential units for S$187 million.

Wheelock declared an interim dividend of 47.5 Hong Kong cents per share, compared to the 45.0 cents it paid for the first half of 2016. Shareholders will receive the sum Sept. 18.

As of Aug. 11, US$1 was equivalent to S$1.36.