Swire Pacific Limited
(Incorporated in Hong Kong with limited liability)
For immediate release | 13th March 2014 |
Swire Pacific Limited Announces 2013 Annual Results
Swire Pacific Limited's consolidated profit attributable to shareholders for 2013 was HK$13,291 million, compared to HK$17,410 million in 2012. Underlying profit attributable to shareholders, which principally adjusts for changes in the valuation of investment properties, increased by HK$201 million or 2% to HK$8,471 million. Adjusted to exclude the effect of non-recurring items, underlying profit increased by HK$578 million or 7% to HK$8,414 million.
The increase in underlying profit reflects higher profits from the Cathay Pacific group and from the Beverages and Marine Services Divisions. There were lower profits from the Property and Trading & Industrial Divisions and from the Hong Kong Aircraft Engineering Company Limited ("HAECO") group.
Below is a summary of the 2013 results:
2013 Results Summary
Division Highlights:
Property Division
- The attributable underlying profit of the Property Division decreased by HK$452 million to HK$5,091 million.
- The decrease in profit principally reflects lower trading profits from the sale of luxury residential properties in Hong Kong.
- Profit from property investment increased, reflecting positive rental reversions in Hong Kong and higher overall rental income in Mainland China.
Aviation Division
- The attributable profit of the Aviation Division was HK$1,627 million in 2013, compared to a profit of HK$984 million in 2012.
- The Cathay Pacific group's attributable profit increased by HK$792 million to HK$1,179 million.
- The passenger business performed well and the measures introduced in 2012 to protect the business from the high price of jet fuel had a positive impact on operating costs.
- The HAECO group's attributable profit decreased by HK$149 million to HK$469 million.
- HAECO's airframe maintenance services in Hong Kong continued to be affected by labour shortages, which resulted in a significant decrease in manhours sold.
Beverages Division
- The attributable profit of the Beverages Division increased by HK$246 million or 44% to HK$802 million.
- Overall sales volume increased by 2% to 1,013 million unit cases compared with a reduction of 0.5% in 2012.
- The Mainland China business performed well. Sales volume grew by 3% and the sales mix improved.
- Sales volume grew in the USA, was unchanged in Hong Kong and declined in Taiwan.
- All territories benefited from lower raw material costs.
Marine Services Division
- The attributable profit of the Marine Services Division increased by HK$343 million or 36% to HK$1,307 million.
- Swire Pacific Offshore ("SPO") benefited from the additional contribution from new vessels that commenced operations in 2013 and a full year's contribution from the wind farm installation vessels delivered in 2012.
- SPO's overall average fleet utilisation fell by 0.7% points. Charter hire rates for the core fleet of anchor handling tug supply vessels and platform supply vessels increased by 7%.
- Total operating costs increased by 25%, principally reflecting the entry of new vessels into service.
Trading & Industrial Division
- The attributable profit of the Trading & Industrial Division decreased by 4% to HK$237 million.
- The decrease principally reflected weaker results from Taikoo Motors and Campbell Swire and costs associated with developing the Swire Pacific Cold Storage business.
- This was partially offset by a much better result from Akzo Nobel Swire Paints.
- End -
Visit Swire Pacific's website at www.swirepacific.com
For more information, please visit http://doc.irasia.com/listco/hk/swire/annual/2013/respress.pdf
Source: Swire Pacific Limited
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