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Swire Properties, Swire Pacific report lower H1 attributable profit YOY

Swire Properties Ltd. said its profit attributable to shareholders of the company for the six months ended June dropped 58% to HK$8.97 billion from HK$21.21 billion in the prior-year period.

The Hong Kong-listed developer's EPS similarly declined during the comparable period to HK$1.53 from HK$3.62.

Despite the decline, the company's underlying attributable profit surged 199% on an annual basis to HK$18.61 billion or HK$3.18 per share from HK$6.22 billion, or HK$1.06 per share.

Swire Properties' revenue increased year over year to HK$7.51 billion from HK$7.31 billion, while its dividend per share rose 7% during the comparable period to 29 Hong Kong cents from 27 cents.

Meanwhile, Swire Properties' parent, Swire Pacific Ltd., reported a 41% annual decline in its attributable profit during the first half to HK$7.94 billion from HK$13.50 billion.

The parent company's first-half operating profit also decreased by 42% year over year to nearly HK$10.87 billion from HK$18.70 billion, while its revenue during the comparable period saw a 1% uptick to HK$42.87 billion from HK$42.27 billion.

Swire Pacific's dividend for both its A and B shares grew 13% on an annual basis in the first half. Per A share, the company's dividend rose to HK$1.35 from HK$1.20, while for every B share, the dividend increased to 27 cents from 24 cents.