Swire Pacific Results a Miss on Weaker Marine and Aviation Divisions
Swire Pacific reported interim underlying profit of HKD 3.9 billion, up 9% year on year. Underlying EPS was HKD 2.58, up 9% year on year. Excluding nonoperational items, the adjusted underlying profit was HKD 2.2 billion, down 25% year on year, and accounted for 30% of our full-year estimate. The company declared an interim dividend of HKD 1.00 per share, unchanged from a year ago. Net gearing was 24%, up slightly from interim and year-end 2016. The weak earnings were attributed to larger than e...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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