Wheelock’s base earnings rose 9%
Wheelock (020) earned 16% to 172.4 billion yuan in 2018, benefiting from the increase in China-Hong Kong investment property profits, base profit rose 9% to 13.21 billion yuan, and sent a second interim dividend of 1.05 yuan. The dividend was 1.55 yuan, up 8.8% year-on-year. The company explained that the decrease in earnings was based on the non-recurring gains from the sale of investment properties 8 BAY EAST in 2017 and the loss of a reclassification of an associate, but was partially offset by the increase in underlying earnings.
During the period, the contracted sales of residential properties increased by 52% to RMB 26 billion, which was the highest in the Group. Due to the new accounting standards and the decrease in the number of new projects completed during the year, the property sales confirmed in Hong Kong decreased by 48% to RMB 9.74 billion. Sales that were sold but not yet confirmed have surged two-fold to 26.7 billion yuan.
Do not rule out repurchase shares
Chairman of the Group Wu Zongquan said that this year’s Hong Kong property market is difficult to predict. Although the US interest rate trend is clear, there is no direction for Sino-US trade disputes. Therefore, it is not surprising that the company will maintain its sales and sales strategy during the year. Can reach 10 billion yuan.
Regarding whether the company will repurchase the company’s shares in the future, or increase its holdings in the same department, Wharf (004) and Wharf Property (1997), Wu Zongquan responded, “If the price is reasonable, I have considered it before, and I have no chance.”