Topic

Haecoi

The Hong Kong Aircraft Engineering Company Limited (HAECO) is a major aircraft maintenance company in Asia, and has related operations in mainland China and Singapore. Swire Group and Cathay Pacific Airways have major investments in HAECO, which also owns 45 per cent of Aero Engine Services Ltd (HAESL), a joint venture with Rolls-Royce and SIA Engineering of Singapore, providing overhaul service of Rolls-Royce RB211 and Rolls-Royce Trent 500, 700 & 800 series jet engines.

Advertisement

Haeco jumps 55 per cent in Hong Kong trading after parent Swire Pacific offers to buy out a 25 per cent it does not already own at a 44 per cent premium to its share price

Hong Kong Aircraft Engineering Company (Haeco) net profit dropped 21 per cent in the first half of this year even though revenue rose 66 per cent.

Advertisement
Advertisement

A shortage of labour is limiting Hong Kong's position in the aircraft maintenance industry even though it is home to the world's No 2 service provider.

Hong Kong Aircraft Engineering Company (Haeco), Swire Pacific's aircraft maintenance subsidiary, said its business will continue to be hurt by a labour shortage in Hong Kong that drove down its net profit by 21 per cent year on year in the first half.