Wharf (Holdings) is starting to see a return on its investment in the mainland property market, posting a 44.3% jump in underlying interim earnings.
Excluding a HK$4.48bn revaluation gain on its investment properties, underlying profit in the first half was HK$3.29bn, up from HK$2.28bn a year ago. Revenue rose 7.63% to HK$8.61bn.
If the gain from property revaluations is included, net profit in the period would be HK$6.98bn, down 16.81% from HK$8.39bn the same time last year when it recorded a HK$6.57bn property revaluation gain.
South China Morning Post