Hong Kong · Delayed Price · Currency is HKD Wharf Real Estate Investment Company Earnings Call Transcripts
Fiscal Year 2026
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Interim DPS rose 42% as the payout ratio was raised to 90%, supported by strong deleveraging and resilient core earnings. Harbour City outperformed the market, and the Singapore asset sale will further reduce gearing. Retail and hotel segments remain robust despite market headwinds.
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.