Harbour City boosts Wharf REIC profits despite overall revenue drop
Wharf Real Estate Investment Company Limited (Wharf REIC) announced its full-year financial results for 2024. The company reported a 3% decline in revenue to HK$12.9 billion ($1.65 billion), while operating profit decreased by 3% to HK$9.7 billion ($1.24 billion). Profit attributable to shareholders amounted to HK$891 million ($114 million), while underlying net profit rose 2% to HK$6.14 billion ($785 million). Harbour City (including hotels) recorded a 2% increase in total revenue to HK$9.1 billion($1.16 billion). Times Square reported a 6% drop in both revenue and profit, with its year-end retail occupancy rate reaching 93% and office occupancy climbing to 90%.