SWIRE Pacific's aviation interests accounted for 32 to 34 per cent of the group's profits last year, analysts say, down mainly because of poor showings by Cathay Pacific Airways and its heavy maintenance arm.
Contributions from aviation subsidiaries and associates were estimated at $1.8 to $1.9 billion of the group's $5.56 billion in attributable earnings last year.
The contribution was down from the estimated 35 per cent in 1993 and 43 per cent in 1992.
'Aviation concerns did not increase as much as Swire's other interests, especially property,' said Morgan Grenfell analyst Viktor Shvets.
'I think that it will probably stay at that level [32 to 34 per cent] if not diminish further in the next couple of years.' Cathay, which is 52 per cent controlled by Swire, reported on Monday a marginal 4.1 per cent rise in attributable earnings, to $2.38 billion.
Hong Kong Aircraft Engineering Co (HAECO), in which Swire holds a 27 per cent stake and Cathay a 25 per cent stake, last week reported a 7.5 per cent decline in net earnings, to $413.6 million.
Operating profit from aviation subsidiaries Cathay, HAECO and Cathay Pacific Catering Services accounted for $3.65 billion, or 44.69 per cent of Swire's total operating profit.
