RESULTS at Swire Pacific for 1994 got the thumbs up from analysts yesterday, many of whom expect to see continued growth.
In general, the 19.4 per cent gain in attributable profit was in line with market expectations.
Credit Lyonnais head of research, Brian Parker, said: 'These are very solid results from a healthy, financially sound group.' However, several bears on the company pointed out that the group's two main businesses, airlines and Hong Kong property, were in the throes of cyclical downturns that showed little signs of returning over the immediate to medium term.
Analysts who expected higher 1994 results than announced, said the difference between their forecasts and the actual numbers lay in a higher tax bill being paid, rising from 11 per cent in 1993 to 16.3 per cent last year.
Analysts said the high level of non-recurrent earnings linked to the booking of non-taxable gains accounted for the difference.
Another reason for the lower than expected actual figure was also put down to the rolling forward of booking of some of the sales at Robinson Place into 1995.