Swire Pacific
Swire Pacific Limited has announced a profit attributable to shareholders for 2008 of HK$5,908 million, compared to HK$26,260 million in 2007. Underlying profit attributable to shareholders, which primarily adjusts for net property revaluation gains and the associated deferred tax, fell by HK$4,990 million to HK$5,293 million. The reduction in underlying profit principally reflects a very difficult year for the Aviation Division. This overshadowed strong performances from the group's property, marine services and beverages interests. The underlying profit for 2008 included a gain of HK$1,721 million on disposal of the group's interest in the Swire SITA waste management business. The underlying profit for 2007 included a gain of HK$1,078 million on the disposal of the group's interest in Shekou Container Terminals. Apart from aviation, 2008 was largely a year of sound organic growth in the face of increasingly difficult market conditions. Swire Properties and Swire Pacific Offshore both reported significant increases in recurring profit - principally reflecting continued strong demand for office space and offshore support services. Swire Beverages benefited from strong volume growth in markets outside the USA. The Directors have recommend the payment of final dividends for 2008 of HK¢148 per 'A' share and HK¢29.6 per 'B' share which, together with the interim dividends paid on 3rd October 2008 of HK¢90.0 per 'A' share and HK¢18.0 per 'B' share, make total dividends for the year of HK¢238 per 'A' share and HK¢47.6 per 'B' share, compared to full-year dividends of HK¢323 per 'A' share and HK¢64.6 per 'B' share in 2007.
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Aviation
Cathay Pacific Airways has announced an attributable loss of HK$8,558 million in 2008, compared with a profit of HK$7,023 million in 2007. The result is a record annual loss for the airline. Turnover rose by 14.9% to HK$86,578 million in 2008. Business during the first six months of the year was generally strong, but extremely high fuel prices during the first half of the year and a plunge in both passenger and cargo demand during the second half, as a result of the global financial crisis, adversely impacted on the financial results. The price of aviation fuel fell significantly towards the end of the year, but the fall, though welcome, resulted in unrealised mark-to-market losses of HK$7.6 billion on fuel hedging contracts for the period 2009-2011. Total dividend for the year was HK¢3 per share.
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The Hong Kong Aircraft Engineering Company Limited (HAECO) has reported a profit attributable to shareholders in 2008 of HK$1,138 million, an increase of 6% on the profit of HK$1,073 million in 2007, driven primarily by heavy airframe maintenance operations in Hong Kong and engine overhaul work within Hong Kong Aero Engine Services Limited (HAESL). Despite relative weakness in the aviation industry, demand in general for the HAECO group's services continued to be strong in 2008. The heavy airframe maintenance facilities in both Hong Kong and Xiamen were at near capacity for much of the year, although there were some signs of softening in the second half. The Directors have recommended a final dividend for 2008 of HK$2.25 per share which, together with the interim dividend of HK$0.93 per share paid on 23rd September 2008, results in a total distribution for the year of HK$3.18 per share.
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Cathay Pacific Airways has been named Airline of the Year in the World Airline Awards run by the London-based Skytrax research organisation. This is the third time the airline has won the award in the ten years that Skytrax has been conducting its polls. Cathay Pacific was also named Best Airline Asia 2009. Cathay Pacific first took the Airline of the Year award in 2003 and again in 2005 and has won plaudits for its Hong Kong lounges and inflight products. In 2008, the airline took the Best First Class title following the introduction of its groundbreaking new cabins.
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Hong Kong Air Cargo Terminals Limited (Hactl) recently welcomed Grandstar Cargo International Airlines as its first customer of 2009. Grandstar Cargo, which recently launched a three-flights-per-week scheduled freighter service Tianjin- Hong Kong-Tianjin-Frankfurt, has appointed Hactl as its one-stop-shop service provider for cargo handling at Hong Kong International Airport, including physical cargo handling, air cargo documentation, ramp handling services, as well as crew transport services. Hactl recently became the world's first air cargo terminal operator to attain IATA Safety Audit for Ground Operations (ISAGO) registration, designed to ensure high-levels of security and safety throughout the whole air cargo handling process.
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Beverages
Swire Coca-Cola (Hong Kong) Limited recently launched a HK$8.7 million "No.1 chooses No.1" Bonaqua marketing campaign to celebrate Bonaqua's ranking as No.1 for bottled water sales in Hong Kong, for the 12-month period ending December 2008.
Marine Services
Swire Pacific Offshore (SPO) has signed a contract with Singapore Technologies Marine Limited (ST Marine) to design, construct and build a new Seismic Survey Vessel for a long-term contract that SPO's Survey Services Division has secured with a leading seismic company. Construction is scheduled to commence in May, and delivery is planned for the second half of 2010. The new vessel, to be named Pacific Finder, will be 68 metres long with a helideck, will be built to ice-class, and capable of towing multiple seismic streamers and performing 2D and 3D surveys.
Trading & Industrial
Taikoo (Guangzhou) Sugar Limited recently opened a new packaging plant, close to the company's old premises in the Guangzhou Development Zone. At 2,100 square metres, the facility is around four times as big, and will more than double capacity to a forecast 6,600 metric tons a year by 2011. The company markets premium packaged sugar products on the Mainland, and is the leading foreign brand in this sector. Taikoo is also the leading supplier to the catering market, serving hotels, restaurants and fast food outlets around the country. Taikoo Sugar was recently named Hong Kong's Top Brand 2008, by the Chinese Manufacturers' Association. The award is based on brand recognition, quality and image, as well as how the manufacturer scores in terms of operational excellence, innovation, and environmental and social responsibility.
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