Wharf Real Estate Inv Co (WRFRF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, everyone. A very warm welcome to Wolf Rig Final Results Briefing. You may download the PowerPoint presentation from the QR code on the LED wall, and the webcast of the event will be uploaded to our corporate website afterwards. Our management today include Mr. Steven Ng, Chairman and Managing Director, Mr. Horace Lee, Director, and Angela Ng, Investor Relations Manager. Before the presentation and Q&A section, may I invite Mr. Ng to come to the stage for an opening remarks. good afternoon ladies and gentlemen thank you very much for joining us tonight this evening i don't have much of an opening remark other than to welcome yourselves we've published our results at noon today over lunch time i think you've probably had a chance to look at it my colleague angela will take you through the powerpoint presentation i'd be happy to assist with answers to questions if you have any following the presentation and feel free to ask whatever you wish and I will feel free to answer whatever I wish. Thank you. Thank you, Chairman. So the theme for the presentation is core businesses stabilize amidst doubling of interest costs. We are pleased to report resilient performance of our core investment properties and hotels businesses. Full year revenue from core businesses increased by 8% to $12.5 billion and operating profit increased by 12% to $9.5 billion. although business operations strengthened over the year. High interest rate weighed heavily on the group's bottom line and the segmental UMP dropped by 3%. With profit stabilization in second half, the second interim dividend is unchanged from 2022 at 61 Hong Kong cents per share, representing a full year DPS of $1.28 per share. IP valuation was stable at $228 billion, accounting for 93% of the group's assets. Our net...