The Wharf (Holdings) Income Statement

Financials in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Other Revenue	8,878	10,218	16,920	16,547	21,047	19,889
Total Revenue	10,752	12,115	18,950	18,064	22,378	20,997
Revenue Growth (YoY	-39.77%	-36.07%	4.91%	-19.28%	6.58%	24.43%
Property Expenses	3,400	4,343	9,898	9,221	11,064	7,379
Selling, General & Administrative	1,509	1,499	1,529	1,605	2,109	1,864
Depreciation & Amortization	627	629	627	635	669	650
Total Operating Expenses	5,536	6,471	12,054	11,461	13,842	9,893
Operating Income	5,216	5,644	6,896	6,603	8,536	11,104
Interest Expense	-559	68	-870	-527	-181	-702
Income (Loss) on Equity Investments	-157	-213	-1,450	-100	968	1,238
Currency Exchange Gain (Loss)	-22	-388	-72	-208	-69	-287
Other Non-Operating Income	94	-111	-33	-173	-30	37
EBT Excluding Unusual Items	4,572	5,000	4,471	5,595	9,224	11,390
Gain (Loss) on Sale of Investments	115	-221	-1,041	-432	1,226	1,187
Gain (Loss) on Sale of Assets	-	-	-	-	1,105	22
Asset Writedown	-4,705	-11,095	-1,235	-4,937	-2,318	-3,072
Pretax Income	-18	-6,316	2,195	226	9,237	9,527
Income Tax Expense	-557	-3,705	1,090	1,660	2,898	4,743
Earnings From Continuing Operations	539	-2,611	1,105	-1,434	6,339	4,784
Minority Interest in Earnings	-591	-613	-160	-271	-320	-920
Net Income	-52	-3,224	945	-1,705	6,019	3,864
Net Income to Common	-52	-3,224	945	-1,705	6,019	3,864
Net Income Growth	-	-	-	-	55.77%	14.12%
Basic Shares Outstanding	3,056	3,056	3,056	3,056	3,055	3,050
Diluted Shares Outstanding	3,056	3,056	3,056	3,056	3,055	3,050
Shares Change (YoY)	-	-	-	0.03%	0.16%	0.03%
EPS (Basic)	-0.02	-1.05	0.31	-0.56	1.97	1.27
EPS (Diluted)	-0.02	-1.05	0.31	-0.56	1.97	1.27
EPS Growth	-	-	-	-	55.52%	14.13%
Dividend Per Share	0.400	0.400	0.400	0.400	0.400	0.400
Dividend Growth	-	-	-	-	-	23.08%
Operating Margin	48.51%	46.59%	36.39%	36.55%	38.15%	52.88%
Profit Margin	-0.48%	-26.61%	4.99%	-9.44%	26.90%	18.40%
EBITDA	5,878	6,307	7,556	7,277	9,250	11,789
EBITDA Margin	54.67%	52.06%	39.87%	40.28%	41.34%	56.15%
D&A For Ebitda	662	663	660	674	714	685
EBIT	5,216	5,644	6,896	6,603	8,536	11,104
EBIT Margin	48.51%	46.59%	36.39%	36.55%	38.15%	52.88%
Effective Tax Rate	-	-	49.66%	734.51%	31.37%	49.79%

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.