Wharf REIC Faces Group Loss Amidst Stalled Recovery

Wharf Real Estate Investment Co (HK:1997) has released an update.

Wharf Real Estate Investment Company reported a marginal 2% increase in underlying net profit for the first half of 2024, reaching HK$3.1 billion, despite a challenging business environment in Hong Kong. The company faced a group loss due to a HK$4.4 billion non-cash revaluation deficit in investment properties, leading to a 16% decrease in Net Asset Value over the past five years. A dividend of HK$0.64 per share will be distributed, reflecting 65% of the underlying net profit from property and hotel sectors in Hong Kong.

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