Swire Pacific profits jump in 2010

Swire Pacific revenue up 17% - financial highlights for the 12 months ended 31-Dec-2010:

• Revenue*: USD3750 million, +17.2% year-on-year;
• Operating profit: USD4363 million, +56.3%;
• Net profit: USD4913 million, +74.7%;
• Net debt: USD5289 million, +30.0%;
• Total assets: USD34,751 million, +24.4%;
• Total liabilities: USD7902 million, +29.0%. [more]

* Based on the conversion rate USD1 = HKD7.786

Swire Pacific: “If Cathay Pacific’s expectation as to demand is met, revenues will increase in line with capacity. Fuel costs are higher than was expected at the beginning of 2011. Other operating costs are expected to increase, some at a faster rate than revenue. Assuming continued strength in the aviation industry generally, demand for HAECO’s heavy and line maintenance services in Hong Kong is expected to remain strong in 2011. The engine overhaul business is also expected to perform well. TAECO's base maintenance operations should recover modestly,” Christopher Pratt, Chairman. Source: Swire Pacific, 10-Mar-2011.

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