Full-Year Results a Miss on Continued Weakness Across Business Segments
For full-year 2016, Swire Pacific reported underlying profit of HKD 3.1 billion, down 69% year on year. Underlying EPS decreased to HKD 2.04, from HKD 6.58 a year ago. Excluding the revaluation, impairment, and disposal gains and losses, the underlying profit was HKD 5 billion, 20% below our estimate of HKD 6.3 billion. The company declared a full-year dividend of HKD 2.10 per share, down 46% from 2015. Net gearing was 23.5%, up 90 basis points from the end of 2015. The poor results were mostly ...Swire Pacific is a holding company. Co. operates in five divisions: property, which is engaged in developing, owning and operating mixed-use, principally commercial properties in Hong Kong and Mainland China; aviation, which comprises investments in the Cathay Pacific group and the Hong Kong Aircraft Engineering Company group; beverages, which manufactures, markets and distributes refreshing soft drinks; marine services, which invest in vessels and equipment and develop its services with a view to providing offshore support to the global oil and gas industry; and Trading & Industrial, which markets and sells internationally branded goods to consumers.
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