Wharf swings to 2024 loss as mainland China write-downs add to sales slump, office glut
Wharf (Holdings) reported a loss of HK$3.22 billion (US$414 million) for the past year, a stark contrast to the HK$945 million profit from the previous year. This downturn is primarily attributed to a HK$5.99 billion write-down from the revaluation of its investment properties in mainland China, reflecting the ongoing slump in the nation's real estate market.
The company's underlying net profit, which excludes revaluations, also experienced a significant drop, falling 21.5% to HK$2.8 billion. Wharf cited slow sales and minimal market demand despite government policy measures aimed at strengthening the residential market. The company also acknowledged the ongoing challenges in rebuilding consumer confidence, leading to a 4.7% drop in Wharf's shares in Hong Kong.
via SCMP Full Text Feed
Wharf (Holdings) reported a loss of HK$3.22 billion (US$414 million) for the past year, a stark contrast to the HK$945 million profit from the previous year. This downturn is primarily attributed to a HK$5.99 billion write-down from the revaluation of its investment properties in mainland China, reflecting the ongoing slump in the nation's real estate market.
The company's underlying net profit, which excludes revaluations, also experienced a significant drop, falling 21.5% to HK$2.8 billion. Wharf cited slow sales and minimal market demand despite government policy measures aimed at strengthening the residential market. The company also acknowledged the ongoing challenges in rebuilding consumer confidence, leading to a 4.7% drop in Wharf's shares in Hong Kong.
via SCMP Full Text Feed
