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2008-3-26 02:13:00 p.m. HKT, XFNA
HK's Wheelock & Co April-Dec net profit up 21 pct on property revaluation gain
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HONG KONG (XFN-ASIA) - Wheelock & Co said its net profit for the April to
December period stood at 7.62 bln hkd, up 21 pct from 6.31 bln posted a year
earlier, due to 4.25 bln hkd revaluation gain on investment properties and
higher earnings contribution from 50 pct-owned unit Wharf (Holdings).
It said that Wharf contributed 2.86 bln hkd in earnings for the nine
months, up from 2.06 bln during the same period in 2006.
Total revenue rose to 17.92 bln hkd from 16.09 bln as the group's core
businesses, notably property investments and development, registered
double-digit growth.
Revenue at the group's property investment unit rose by 11 pct to 6.83
bln hkd, while operating profit rose 16 pct to 4.93 bln hkd.
Its property development unit achieved a 47 pct rise in revenue to 3.28
bln hkd and a 155 pct increase in operating profit to 1.41 bln hkd.
The logistics division saw 3 pct rise in revenue to 3.62 bln hkd, while
its operating profit rose one pct to 1.91 bln hkd.
Wheelock's total operating profit for the nine months stood at 10.35 bln
hkd against 7.65 bln a year earlier.
Earnings per share rose to 3.75 hkd from 3.11.
The board recommended final dividend of 0.10 hkd a share for financial
year 2007 which involved only nine months.
The company has changed its financial year-end to December from March
previously.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com xfnjcc/xfnrc
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