Weaker results from marine services drag down Swire Pacific resultsCompany News // August 21, 2017
Swire Pacific has announced consolidated profit attributable to shareholders for the first half of 2017 of HK$12,138 million, HK$7,077 million higher than for the first half of 2016. Underlying profit attributable to shareholders, which principally adjusts for changes in the valuation of investment properties, increased by HK$332 million or 9 per cent to HK$3,880 million. Adjusted underlying profit attributable to shareholders decreased by HK$721 million or 25 per cent to HK$2,164 million.
The company said it had weaker results from its aviation, marine services and trading & industrial divisions.
The loss attributable loss from marine services (which includes Swire Pacific Offshore) was HK$676 million, compared with a loss of HK$247 million in the first half of 2016. Swire Pacific Offshore recorded an attributable loss of HK$692 million. The company said the offshore exploration market "remained weak." Swire PAcific Offshore's overall average fleet utilisation decreased by 3.5 per centage points to 58.9 per cent and average daily charter hire rates fell by 24 per cent to US$18,500