Half-Year Results a Miss on Lower Property Trading Revenue
For interim 2016, Swire Properties reported core earnings of HKD 3.6 billion, down 10% year on year, below our estimate. The decline was attributed to lower profit from the property trading segment, as booking during the period was limited to a few projects in Hong Kong and the United States. Underlying earnings per share amounted to HKD 0.61, down 9% over the year-ago period. The company declared an interim dividend of HKD 0.23 per share, unchanged from a year ago. Overall, we believe the inves...
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