Wharf Real Estate Investment Company (WHARF REIC) saw its stock price surge 5.31% in intraday trading, as investors responded positively to the company's first-half financial results and dividend announcement. Despite reporting a widening loss, the property firm's underlying performance and shareholder returns appeared to buoy investor sentiment.
According to the company's Hong Kong Stock Exchange filing, Wharf REIC reported an attributable loss of HK$2.41 billion for the six months ended June 30, compared to a loss of HK$1.05 billion in the same period last year. This translated to a basic loss per share of HK$0.79, wider than the HK$0.35 loss per share a year earlier. However, the company's underlying net profit, which excludes property revaluation and other one-off items, stood at a healthy HK$3,119 million.
Investors seemed to focus on the positive aspects of the report, including the company's resilient revenue and generous dividend policy. While group revenue decreased slightly by 1% to HK$6,407 million, it still surpassed analysts' expectations. Moreover, Wharf REIC declared a first interim dividend of HK$0.66 per share, payable on September 11 to shareholders of record on August 27. This dividend announcement, coupled with an adjusted earnings per share of HK$1.03, likely contributed to the stock's strong performance despite the reported loss.
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