Hong Kong · Delayed Price · Currency is HKD The Wharf (Holdings) Earnings Call Transcripts
Fiscal Year 2026
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Profit rose on lower write-downs and strong Hong Kong property performance, with net cash achieved after equity disposals. Mainland China remains challenging, but early signs of recovery are seen in rental income and retail sales. NAV per share increased 7%.
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Revenue fell 36% and operating profit 18% year-over-year, with net loss driven by property revaluation deficits and additional impairments. Hong Kong luxury residential remains a bright spot, while Mainland retail and office markets are weak. Gearing improved to 5%.
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Underlying net profit held steady at HKD 2 billion despite a 14% revenue drop and a HKD 2.6 billion revaluation loss. Focus remains on Hong Kong property and logistics, with prudent debt management and a cautious outlook amid market uncertainties.
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Underlying net profit held steady at HKD 2 billion, with revenue and operating profit down due to lower Mainland development property recognition. Gearing remains low at 4.4%, and the group maintains a cautious investment approach amid market uncertainties.
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Operating and underlying profits rose 6% year-over-year, excluding investment income, while underlying net profit fell 17% due to equity disposals. A special dividend was declared for the 140th anniversary, and the group maintains a strong net cash position with a focus on Hong Kong property reinvestment.