The Wharf's Better-Than-Expected Full-Year Results on Resilient HK Rental Assets and Strong Sales
The Wharf reported 2016 full-year results. Hong Kong Investment Properties, or IP, the most important segment of the company, achieved turnover and operating profit of HKD 12.9 billion and HKD 11.3 billion, respectively, up 6% and 7% year on year. This exceeded our expectation as we projected less than 2% growth in turnover and operating profit for the segment. The company achieved core profit of HKD 13.8 billion, up 25% year on year. This is 15% higher than our estimate, mostly attributed to ea...Wharf is an investment holding company. Co. operates in five segemnts: investment property, which includes property leasing operations consisting of retail, office and serviced apartments; development property, which encompasses activities relating to the acquisition, development, design, construction, sale and marketing of Co.'s trading properties; hotels, which includes hotel operations in the Asia Pacific region; logistics, which includes the container terminal operations in Hong Kong and Mainland China; and media and entertainment, which comprises pay television, internet and multimedia and other businesses and the telecommunication businesses.
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