Welcomed Cautious Recovery from Pandemic
The Wharf (Holdings) Limited
1H21 Interim Results
10 Aug 2021
Highlights
HK Prop Lux Prop Emerging from Shadow of Pandemic while Long Project Time Profile Increases Development Risk
ML DP Strict Price Control Caps Returns & Suggests a Different Risk Profile
Impairment Provisions for Non-residential Stock
ML IP Luxury Segment Out-performance is Spurring a Tenancy Chase from New Malls
New Office Supply Keeps an Unattractive Lid on Occupancy & Rent
Logistics Disruptions in Supply Chains Create Opp. for HK Port while Materialisation is Constrained by Shortage of Land
The Wharf (Holdings) Limited - 2021 Interim Results | 2
Focus on Premium Property Products
Total Business Assets
$256.3B
Invt. & | |
Others | |
Properties | 32% |
62% |
Logistics
6%
Note: Properties incl. Hotels
Total Revenue
$12.3B
Invt. &
Others
10%
Properties
79%
Logistics
11%
The Wharf (Holdings) Limited - 2021 Interim Results | 3
Financial Highlights
HKD Million | 1H21 1H20 %Chg |
Group Revenue
Operating Profit
Underlying Net (Loss)*
Attributable IP Revaluation Surplus / (Deficit) After Taxation
Profit / (Loss) Attributable to Equity Shareholders
Earnings / (Loss) Per Share (HK$)
- Attributable to Equity Shareholders
- Underlying*
Dividend Per Share (HK$)
12,337 5,551 +122%
4,301 2,517 +71%
-
(1,132) -54%
282 (641) +144%
1,038 (1,741) +160%
0.34 (0.57) +160%
(0.17) (0.37) -54%
0.20 0.20 Flat
- Group Revenue +122%; OP +71%
- Underlying Net Loss Narrowed by 54% after MLDP Provision ($3.7B)
- Group Profit Turnaround to $1.0B
- Net IP Revaluation Gain $282M
- Other Non-recurring Gains $1.3B, incl. Disposal of Remaining Interests in Cable TV Tower
*Underlying Net Loss - Excl. IP Revaluation Surplus/(Deficit) & Exceptional Items
The Wharf (Holdings) Limited - 2021 Interim Results | 4
Agenda
Hong Kong Properties | Mainland Development Properties |
Mainland Investment Properties | Hotels | Logistics |
The Wharf (Holdings) Limited - 2021 Interim Results | 5
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The Wharf (Holdings) Ltd. published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2021 11:43:16 UTC.