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2009-3-25 01:50:00 p.m. HKT, XFNA
DJ Wharf 2008 Net Pft Down 52% On Lower Home Sales, Revaluations
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| HONG KONG (Dow Jones)--Property-to-ports conglomerate Wharf (Holdings) Ltd. (0004.HK) said Wednesday its 2008 net profit fell 52% on lower property revaluation gains and a lower contribution from its property development business.
Wharf, a unit of Wheelock & Co. (0020.HK), reported an unaudited net profit for the 12 months ended Dec. 31 of HK$6.25 billion, down from HK$13.14 billion the previous year.
The result was above the average HK$4.39 billion forecast of nine analysts polled earlier by Thomson Reuters.
Wharf, which has a large exposure to Hong Kong's office and retail property markets, said its revenue fell 2% to HK$15.94 billion from HK$16.21 billion.
The company declared a final dividend of HK$0.44 a share, unchanged from the previous year.
As well as property investment and development in Hong Kong, Wharf's businesses include pay-television company i-Cable Communications Ltd., fixed-line telecommunications provider Wharf T&T Ltd., and ports operator Modern Terminals Ltd.
-By Yvonne Lee and Joyce Li, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com
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