trending Market Intelligence /marketintelligence/en/news-insights/trending/ftxrb1hb1wzd6asekg0izg2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Swire Properties, Swire Pacific H1'18 operating profits climb YOY

Blog

Real Estate News & Analysis: April Edition

Blog

COVID-19 Impact & Recovery: Investment Banking

Blog

COVID-19 Impact & Recovery: Governments

Blog

COVID-19 Impact & Recovery: Academia


Swire Properties, Swire Pacific H1'18 operating profits climb YOY

Swire Properties Ltd. said operating profit for the first half of 2018 was HK$21.31 billion, a rise of 37.2% from HK$15.54 billion in the year-earlier period.

Profit attributable to shareholders increased 43.6% from the prior-year period to HK$21.20 billion, or HK$3.62 per share, from HK$14.76 billion, or HK$2.52 per share.

The company declared a dividend of 27 Hong Kong cents per share for the first half, compared with 25 Hong Kong cents in the year-ago period and 52 Hong Kong cents in the second half of 2017.

Swire Properties noted that the increase in its underlying profit was principally attributable to the sale of its interest in an office building in Kowloon Bay and other investment properties, partly offset by a "substantial decrease in profit from property trading."

Swire Pacific Ltd., Swire Properties' parent, said its six-month operating profit was HK$18.70 billion, a gain of 6.1% from HK$17.63 billion in the prior-year period.

Profit attributable to shareholders totaled HK$13.50 billion compared with HK$12.14 billion a year earlier.

The underlying profit attributable to shareholders was HK$1.27 billion, down 67% from HK$3.88 billion in the first half of 2017. The adjusted underlying profit attributable to shareholders was HK$3.03 billion, up 40% from HK$2.16 billion in the year-ago period.

Swire Pacific attributed the decline in underlying profit to an impairment charge of HK$3.90 billion at Swire Pacific Offshore. The boost in adjusted underlying profit, which excludes the nonrecurring items, reflects better results from the aviation, beverages and trading & industrial divisions, partly offset by less profits from property trading, according to the company.