Times Square, Harbour City owner Wharf Reic recovers from Covid to post US$230 million first-half profit
- The company reported a net profit of HK$1.8 billion (US$230 million) for the six months to June versus a loss of HK$1.5 billion a year earlier
- Post-pandemic recovery was impeded by global geopolitical and economic uncertainties, company says
Wharf Real Estate Investment Company (Wharf Reic), one of Hong Kong’s biggest commercial landlords, turned around its fortunes in the first half on the back of a post-pandemic rebound in tourism.
The owner of Harbour City and Times Square shopping centres reported a net profit of HK$1.8 billion (US$230 million) for the six months ended June, compared with a loss of HK$1.5 billion a year earlier, according to an exchange filing on Monday. Revenue grew 4.2 per cent to HK$6.5 billion in the comparable period.
Wharf Reic said it would pay an interim dividend of HK$0.67.
“Business environment has improved since the borders reopened in January, but post-pandemic recovery is impeded by global geopolitical and economic uncertainties,” the company said in the filing.
Wharf said its hotel operations, including The Murray and Marco Polo Hongkong, saw a significant turnaround but lost momentum in the second quarter because of manpower constraints.
Hotel revenue increased by 90 per cent to HK$697 million from HK$366 million in the same period last year. The hotels’ operating profit came in at HK$67 million, reversing a HK$172 million loss a year earlier.
