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Swire Properties, Swire Pacific log YOY growth in FY'18 attributable profit

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Swire Properties, Swire Pacific log YOY growth in FY'18 attributable profit

Swire Properties Ltd. said its underlying profit attributable to shareholders of the company for the full year ended Dec. 31, 2018, totaled HK$10.15 billion, an increase of 29.5% from the HK$7.83 billion it recorded in the prior-year period.

Underlying EPS of the property company grew 29.9% during the comparable period to HK$1.74 from HK$1.34.

Swire Properties' revenue decreased by 20.7% on an annual basis to HK$14.72 billion from HK$18.56 billion, as did its operating profit, which fell year over year to HK$29.36 billion from HK$34.93 billion. The company's net debt also declined by 15% during the comparable period to nearly HK$29.91 billion from about HK$35.35 billion.

For the second half of the 2018 financial year, the real estate developer declared a dividend of 57 Hong Kong cents per share, up by 10% from the 52 cents per share it paid in the year-ago period.

Swire Properties' parent, Swire Pacific Ltd., also saw annual improvement in its underlying profit attributable to shareholders of the company for fiscal year 2018, recording a year-year-year increase of 79.7% to HK$8.52 billion from HK$4.74 billion.

The holding company's revenue rose 5.4% to HK$84.61 billion from the HK$80.29 billion it logged during the previous year. Operating profit decreased to HK$30.89 billion compared with the HK$35.86 billion reported in the prior-year period.

Swire Pacific declared a dividend of HK$3 per share for the year ended Dec. 31, 2018, reflecting a 43% annual improvement from the HK$2.10 per share paid in 2017.