’s operatingprofit for the year ended Dec. 31, 2017, surged 102% to an estimated HK$34.93billion from the HK$17.32 billion reported in the year-ago period.
For the year, thediversified property developer saw a 126% year-over-year growth to both itsprofit attributable to the company's shareholders and earnings per share tonearly HK$33.96 billion from HK$15.05 billion and to HK$5.80 from HK$2.57,respectively. The company's underlying attributable profit, meanwhile,increased 10% year on year to about HK$7.83 billion from HK$7.11 billion.
The company's net debtduring the reporting financial year increased to nearly HK$35.35 billion fromthe HK$33.84 billion logged in the firsthalf of 2017. Gearing ratio for the year was reduced to 13.6% from14.1% in the previous six months.
Swire Propertiesdeclared a dividend of 52 Hong Kong cents per share for the second half of2017, higher compared with the 48 cents per share that was distributed in theyear-ago period.
Meanwhile, SwireProperties' parent, Swire PacificLtd., recorded a 55% year-over-year jump in its consolidatedunderlying profit attributable to shareholders for full financial-year 2017 toapproximately HK$4.74 billion from HK$3.06 billion despite the difficult marketconditions that the company's aviation and marine services divisions have facedduring the period.
The company noted in itsearnings report that its property division contributed the most to the group'sunderlying profit, after logging an 11% year-on-year jump in underlyingattributable profit of HK$6.40 billion.
Operating profit for theyear for the holding company was up 133% to roughly HK$35.86 billion from theHK$15.38 billion logged in the prior year, while profit attributable toshareholders hiked 170% year on year to HK$26.07 billion from HK$9.64 billion.
During the year, SwirePacific's revenue also improved by 29% year over year to nearly HK$80.29billion from HK$62.39 billion. Net debt for the period was recorded atapproximately HK$72.51 billion.
