Latest news with #SwirePacific
South China Morning Post
07-08-2025
- Business
- South China Morning Post
Hong Kong's Swire Pacific warns of uncertain outlook after posting 2% interim profit drop
Swire Pacific , which controls Hong Kong's flag carrier Cathay Pacific , reported a marginal decline in first-half profit due to losses in its property business and weak consumer sentiment, while adding that the group's outlook in its core markets remained uncertain for the rest of the year. The group's underlying profit fell 2 per cent to HK$5.5 billion (US$700.6 million) in the six months to June, compared with HK$5.6 billion a year earlier, according to a filing to the Hong Kong stock exchange on Thursday. However, first-half consolidated profit dropped 79 per cent year on year to HK$815 million due to a higher fair value loss on investment properties of HK$4.66 billion compared with HK$877 million a year earlier. 'As we look ahead to the rest of the year, there's likely to be continued uncertainty across our core markets,' chairman Guy Bradley said in the statement. '[But] we remain committed as ever, and will continue investing in Hong Kong and the Greater Bay Area, where we see exciting opportunities for the future.' Swire Coca-Cola reported a smaller recurring profit of HK$861 million in the first half. Photo: Felix Wong Swire Properties , the group's property division and one of the largest commercial landlords and retail operators in Hong Kong, posted a first-half profit jump of 17 per cent to HK$3.66 billion. 'The growth was driven by a successful capital recycling strategy which has benefited from the divestment of Brickell City Centre retail and parking spaces in Miami,' it said. However, Swire Properties, whose assets include Pacific Place in Admiralty and Taikoo Place in Quarry Bay, reported a 2 per cent decrease in attributable recurring underlying profit for the year's first six months to HK$2.83 billion, due to 'lower office rental income from Hong Kong in a challenging market with high vacancy rates and new supply'.
South China Morning Post
07-08-2025
- Business
- South China Morning Post
Hong Kong's Swire Pacific warns of uncertain outlook after posting 2% first-half loss
Swire Pacific, which controls Hong Kong's flag carrier Cathay Pacific, reported a marginal decline in first-half profit due to losses in its property business and weak consumer sentiment, while adding that the group's outlook in its core markets remained uncertain for the rest of the year. The group's underlying profit fell 2 per cent to HK$5.5 billion (US$700.6 million) in the six months to June, compared with HK$5.6 billion a year earlier, according to a filing to the Hong Kong stock exchange on Thursday. However, first-half consolidated profit dropped 79 per cent year on year to HK$815 million due to a higher fair value loss on investment properties of HK$4.66 billion compared with HK$877 million a year earlier. 'As we look ahead to the rest of the year, there's likely to be continued uncertainty across our core markets,' chairman Guy Bradley said in the statement. '[But] we remain committed as ever, and will continue investing in Hong Kong and the Greater Bay Area, where we see exciting opportunities for the future.' Swire Coca-Cola reported a smaller recurring profit of HK$861 million in the first half. Photo: Felix Wong Swire Properties , the group's property division and one of the largest commercial landlords and retail operators in Hong Kong, posted a first-half profit jump of 17 per cent to HK$3.66 billion. 'The growth was driven by a successful capital recycling strategy which has benefited from the divestment of Brickell City Centre retail and parking spaces in Miami,' it said. However, Swire Properties, whose assets include Pacific Place in Admiralty and Taikoo Place in Quarry Bay, reported a 2 per cent decrease in attributable recurring underlying profit for the year's first six months to HK$2.83 billion, due to 'lower office rental income from Hong Kong in a challenging market with high vacancy rates and new supply'.
Business Insider
20-06-2025
- Business
- Business Insider
Morgan Stanley downgrades Swire Pacific (SWRAF) to a Hold
Swire Pacific (SWRAF – Research Report) received a Hold rating and a HK$71.00 price target from Morgan Stanley analyst Praveen Choudhary today. The company's shares closed last Tuesday at $8.53. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Choudhary is a 3-star analyst with an average return of 2.4% and a 50.85% success rate. The word on The Street in general, suggests a Hold analyst consensus rating for Swire Pacific. Based on Swire Pacific's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $42.41 billion and a net profit of $407 million. In comparison, last year the company earned a revenue of $43.28 billion and had a net profit of $24.63 billion
South China Morning Post
13-03-2025
- Business
- South China Morning Post
Hong Kong's Swire Pacific profit slides on property slump, Cathay stabilises
Swire Pacific, which controls Hong Kong's flagship airline Cathay Pacific, reported an 85 per cent slump in earnings last year amid losses in the property business and the sale of its Coca-Cola franchise in the US. Advertisement Profit fell to HK$4.32 billion (US$556 million) from HK$28.9 billion in 2023, the group said in a stock exchange filing on Thursday, after booking deficits in the value of its development and investment properties. Excluding the deficits and other one-off charges, the group's recurring underlying profit weakened 11 per cent to HK$9.28 billion, it added. Cathay Pacific maintained its earnings last year as global travel rebounded further post-pandemic, it said. Swire Pacific also said it booked capital gains from the sale of its Coca-Cola franchise in the US last year to focus on its new ventures in the beverage markets in Thailand and Laos. 03:39 Shop occupancy recovers in Hong Kong, but vacant stores still visible across the city Shop occupancy recovers in Hong Kong, but vacant stores still visible across the city 'The office market in Hong Kong is expected to remain subdued in 2025 as a result of the uncertainty of the economic environment' despite signs of revival in the city's financial market, chairman Tim Blackburn said. Corporate cost-cutting measures hurt demand for office space, he added. Swire owns 82 per cent of Swire Properties , one of the largest commercial landlords and retail operators in Hong Kong, whose assets include Pacific Place in Admiralty and Taikoo Place in Quarry Bay. It posted a HK$766 million loss versus a HK$2.64 billion profit in 2023, due to weaker sales and an erosion in the fair value of its assets. Gross rental income from its Hong Kong office portfolio declined 7 per cent year-on-year to HK$5.1 billion, while income from its shopping malls and retail venues fell 3 per cent year on year to HK$2.4 billion due to weak demand, high vacancy rates and new supplies, the developer said. The near-term results were likely to remain subdued, it added. 01:29 Hong Kong government to bail out Cathay Pacific with HK$30 billion in loans and direct stake Hong Kong government to bail out Cathay Pacific with HK$30 billion in loans and direct stake Meanwhile, Swire Properties said its mainland China business improved, especially in the retail segment where gross rental income grew by 7 per cent year on year as footfall and retail sales benefited from Beijing's stimulus measures in late September. Retail sales growth could pick up this year, it added.
