Swire Pacific revenue up 1%, profits soar in 2009

Swire Pacific revenue up 1% - financial highlights for the 12 months ended 31-Dec-2009 (according to Hong Kong Financial :

• Revenue: USD3,210 million, +1.0% year-on-year;
• Cost of sales: USD1,603 million, -1.5%;
• Operating profit: USD2,801 million, +137.4%;
• Profit before tax: USD3,038 million, +275.8%;
• Net profit^: USD2,567 million, +240.3%;
• Underlying net profit/: USD1,092 million, n/. [more]

*Based on the conversion rate at USD1 = HKD7.76
^ The adoption of HK(IFRIC)-Int 13 (Customer Loyalty Programmes) has resulted in the restatement of the 2008 comparative figures
/Adjusted for changes in property valuations and the associated deferred tax

Swire Pacific: "Like the Cathay Pacific group, the HAECO group is cautious about the recent improvement in the aviation industry. The HAECO group expects increased aircraft movements at Hong Kong International Airport and better utilisation of its hangars in 2010. However, start-up losses at the new joint ventures in Mainland China will affect the results in 2010. Overall, 2010 will be another challenging year," Christopher Pratt, Chairman. Source: Swire Pacific, 11-Mar-2010.