On August 6, WHARF REIC surged 20.47% in regular trading, reaching HK$31.3 per share with turnover of HK$165 million, after the company released its interim results during the midday break.

The results showed shareholders' attributable loss narrowed sharply to HK$176 million from HK$2.406 billion a year earlier, a 92.69% reduction. Underlying net profit rose 6% year-on-year to HK$3.311 billion. The interim dividend was raised from HK$0.66 to HK$0.94 per share, with the payout ratio lifted to 90%. Revenue edged down 1% to HK$6.34 billion, while investment property revaluation recorded a HK$3.547 billion deficit. The group also signed an agreement to sell Singapore Wheelock Place for S$1.111 billion (approximately HK$6.733 billion), which is expected to reduce net gearing to approximately 11% upon completion. Citibank had previously maintained a Buy rating with a target price of HK$31.6, viewing the disposal positively for deleveraging and financial cost savings.

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