Swire Pacific's underlying H1 profit jumps 48pc
Swire Pacific said on Thursday that adjusted underlying attributable profit rose 48 per cent to HK$3.30 billion in the first half of this year, underpinned by improved earnings from the group’s property, beverage and marine services arms.
However, net profit fell 22 per cent to HK$6.61 billion in the six months to June 30 on lower revaluation gains from its investment properties.
Swire’s Hong Kong-based airline arm Cathay Pacific Airways returned to profit in the first half but contributions from both of its Hong Kong Aircraft Engineering Company unit and trading and industrial division fell, the company said in a statement.
Shares of Swire were little changed on Thursday morning, in line with the broader market.
Swire Pacific is the main listed arm of Swire Group, a Hong Kong-based conglomerate whose activities span property, aviation, beverages, marine services, and trading and industrial.
It is the parent of Hong Kong carrier, Cathay Pacific Airways, and Dragonair, and Hong Kong Aircraft Engineering Co (Haeco) is a subsidiary. Swire Properties also released earnings on Thursday.
The results were released after the close of the morning session on Thursday.