Hong Kong · Delayed Price · Currency is HKD The Wharf (Holdings) Earnings Call Transcripts
Fiscal Year 2026
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Underlying net profit held steady at HKD 2 billion, but a non-cash revaluation deficit led to a HKD 2.6 billion loss. Revenue fell 14% year-over-year, with Hong Kong projects prioritized and prudent debt management maintained. Outlook remains cautious amid macro uncertainties.
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Revenue and profit declined sharply year-over-year due to Mainland property weakness and impairments, but financial health remains strong with low gearing and steady dividends. Hong Kong luxury residential outperforms, while Mainland retail and office markets remain weak.
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Group profit and underlying net profit rose sharply year-over-year, driven by lower property write-downs and strong capital management. Hong Kong property and logistics segments showed resilience, while mainland China faced headwinds from oversupply and competition. Net cash position and NAV per share improved.
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Underlying net profit held steady at HKD 2 billion, with revenue and operating profit down due to lower mainland property recognition. The group maintains low gearing and strong liquidity, focusing on Hong Kong projects and cautious investment amid ongoing market and geopolitical challenges.