Hong Kong · Delayed Price · Currency is HKD Wharf Real Estate Investment Company Earnings Call Transcripts
Fiscal Year 2025
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Group underlying net profit rose 5% year-over-year, driven by interest cost savings and deleveraging, despite market headwinds. Retail and office segments showed stable occupancy, but rental reversions remain negative. Gearing reached a low of 17.2%.
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Revenue and operating profit declined year-over-year amid weak market conditions, but core underlying net profit and interim dividend both rose 3% due to lower borrowing costs and strong deleveraging. Retail and office segments face ongoing challenges, with cautious outlook and continued focus on sustainability and capital discipline.
Fiscal Year 2024
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Revenue and operating profit declined 3% year-over-year, while net debt and borrowing costs improved. Retail and office segments showed stable occupancy but face ongoing market headwinds, with recovery uncertain in the near term.
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Revenue and operating profit were flat, with underlying net profit up 2% despite a HKD 4.4 billion revaluation deficit. Retail and hotel segments saw modest growth, but margins and occupancy costs are pressured by weak sales and high rates.