Swire Pacific posted a 90.5 per cent increase in underlying profit to HK$16.14 billion last year, driven by record earnings at Cathay Pacific Airways and gains from asset sales.
With the strong earnings, the conglomerate, which is engaged in the property, aviation and beverage businesses, raised the final dividend by 13.63 per cent to HK$2.50, bringing the full-year payout to HK$3.50, up from HK$2.80 in 2009.
Underlying earnings, which included HK$5.07 billion profit contribution from its 42.97 per cent-held Cathay, grew 278.35 per cent from HK$1.34 billion in 2009. Cathay announced a record HK$14 billion profit on Wednesday, making it probably the world's most profitable airline.
Underlying profit in Swire's property contribution rose 23 per cent to HK$4.86 billion while gross rental income from its office portfolio grew 3 per cent for the year to December.
The profit was bolstered by one-time gains from asset sales, including HK$918 million from the sale of two investment properties in Hong Kong, HK$825 million from sale of a stake in Hong Kong Air Cargo Terminals, and a HK$771 million gain from the sale of a stake in Crown Beverage Cans.
Net profit, including revaluation gains on investment properties, rose 74.7 per cent to HK$38.25 billion on turnover of HK$29.2 billion, up 17.2 per cent from 2009.
Chairman Christopher Pratt (pictured) said the group had no immediate plan to revise the proposed spin-off of its property arm, Swire Properties. 'But it is on the agenda and we will review it from time to time,' he said.