Mark-to-market accounting requirements wiped a quarter off the net profits of Hong Kong’s leading listed companies last year, in spite of a surge in corporate revenues, according to a report.

The study by Deloitte, the advisory firm, shows that the aggregate net profit of the city’s top 100 listed companies weighted by market capitalisation fell by 23 per cent to HK$1,115bn ($143bn) in the year to December 31 2008.