Wharf (Holdings) ( (HK:0004) ) has issued an update.
Wharf (Holdings) Limited reported a challenging financial year for 2024, with a 36% decline in revenue and an 18% drop in operating profit, primarily due to difficulties in its Mainland China Development Properties segment. The company faced a group loss of HK$3.2 billion, attributed to provisions in investment properties and impairment provisions for slow-moving stock. Despite these setbacks, the company maintained a low net debt with a gearing of 5%. The residential market in Hong Kong showed signs of recovery, with increased demand for luxury properties, while Mainland China’s property market struggled with slow sales and oversupply issues. The company’s investment properties in Mainland China also faced challenges due to weakened domestic consumption and increased competition.
More about Wharf (Holdings)
Wharf (Holdings) Limited is a company involved in property development and investment, primarily focusing on residential and commercial properties in Hong Kong and Mainland China. The company is known for its prestigious real estate projects, including luxury residential properties and investment properties such as malls and office spaces.
YTD Price Performance: -22.74%
Average Trading Volume: 955
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $8.18B
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