The Swire Pacific Limited has declared a consolidated profit attributable to shareholders for 2011 of HK$32,210 million, compared to HK$38,252 million in 2010. Underlying profit attributable to shareholders, which principally adjusts for changes in the valuation of investment properties, increased by HK$1,149 million to HK$17,292 million in 2011. The 2011 underlying profit included a profit of HK$8,615 million on the disposal of Festival Walk. Excluding the effect of this and other non-recurring items, adjusted underlying profit attributable to shareholders decreased by HK$2,371 million to HK$8,728 million. The result reflects growth in profits from the Property Division, the Marine Services Division and the Hong Kong Aircraft Engineering Company Limited ("HAECO") group; there was a weaker performance from the Cathay Pacific Group (which had earned record profits in 2010) and profits fell in the Beverages and Trading & Industrial Divisions. With effect from the year ended 31st December 2011, the company intends to pay two interim dividends instead of interim dividends and final dividends. Second interim dividends will be in lieu of final dividends. The total amount of dividends paid to shareholders for a year will be the same with two interim dividends as it would have been with interim dividends and final dividends. The Directors have declared second interim dividends for 2011 of HK$2.35 per 'A' share and HK$0.47 per 'B' share which, together with the first interim dividends of HK$1.15 per 'A' share and HK$0.23 per 'B' share and the special interim dividends of HK$3.00 per 'A' share and HK$0.60 per 'B' share paid on 4th October 2011, make total cash dividends for the year of HK$6.50 per 'A' share and HK$1.30 per 'B' share.   [ Details ]

Swire Properties, which listed on the Hong Kong stock market in January this year, has announced a profit attributable to shareholders for 2011 of HK$25,126 million, down from HK$26,045 million in 2010; turnover, at HK$9,581 million, increased 8% on the corresponding figure for 2010. Underlying profit attributable, which principally adjusts for changes in the valuation of investment properties, increased by HK$8,150 million from HK$4,782 million in 2010, to HK$12,932 million in 2011. The underlying profit included a profit of HK$8,615 million on the disposal of Festival Walk. The Directors have declared an interim dividend (in lieu of a final dividend) of HK$0.18 per share.   [ Details ]

On 20th March, Swire Properties revealed the architectural design for ARGENTA, its latest premium residential development in Hong Kong's prestigious Mid-Levels district. Located in close proximity to green parks and open spaces, ARGENTA features a streamlined, 140-foot curved glass façade offering spectacular 270° panoramic views of the city. The designer behind the project is AB Concept, an award-winning international architectural and design firm. ARGENTA comprises 28 three-bedroom apartments, each occupying an entire floor of the development and comprising 2,728 square feet of living space, and two exclusive units consisting of a double-storey penthouse of 4,450 square feet and a simplex of 2,640 square feet - both with their own spacious terraces. Featuring private lift lobbies, balconies and high ceilings of approximately 3.5 metres, the apartments are designed to offer residents space and privacy. Designed with sustainability in mind, the exterior uses double-glazed glass with operable windows to minimise sound and allow in natural light, reducing indoor temperatures and providing natural interior ventilation. The building's sleek contours have also been highlighted with energy-saving LED lighting. ARGENTA is scheduled for completion in the second half of 2013.   [ Details ]

The Cathay Pacific Group has recorded an attributable profit of HK$5,501 million for 2011. This compares with the profit of HK$14,048 million for 2010, which was a record year for the airline. The 2010 results included HK$3,033 million of significant non-recurring items, being the profit on the sales of shareholdings in Hong Kong Air Cargo Terminals Limited (Hactl) and HAECO, and the gain on the deemed disposal of part of its interest in Air China. Adjusting for these items, the attributable profit in 2011 decreased by HK$5,514 million, or 50.1%, from that of 2010. Turnover for the year increased by 9.9% to HK$98,406 million. Earnings per share fell by 60.9% to HK$1.398 and dividends per share to HK$0.52. In 2011, Cathay Pacific's core business was materially affected by instability and uncertainty in the world's major economies. Cathay Pacific and Dragonair's passenger businesses held up relatively well, mainly as a result of strong demand for premium class travel, but cargo business was adversely affected by a substantial reduction in demand for shipments from the two key export markets of Hong Kong and Mainland China.   [ Details ]

The HAECO Group has reported an attributable profit of HK$821 million for 2011, 17% higher than the attributable profit of HK$701 million reported in 2010. Earnings per share increased from HK$4.21 to HK$4.94. The Directors have declared a second interim dividend (in lieu of a final dividend) of HK$1.90 per share and a special dividend of HK$3.40 per share, which, together with the first interim dividend of HK$0.70 per share paid on 20th September 2011, result in a total distribution for the year of HK$6.00 per share, compared to total dividends of HK$2.10 per share in 2010. The special dividend is being paid in order to return surplus cash to shareholders. Demand for HAECO's airframe maintenance and line maintenance services remained strong in Hong Kong in the first half of 2011, but slowed down slightly in the second half. The performance of Taikoo (Xiamen) Aircraft Engineering Company Limited ("TAECO") improved significantly in 2011; there was a recovery in demand for its airframe maintenance services, although demand for Boeing 747 passenger to freighter conversions remained weak. Hong Kong Aero Engine Services Limited ("HAESL") and Singapore Aero Engine Services Pte. Limited ("SAESL") experienced higher than expected growth in demand for engine overhaul services and corresponding growth in profits. The joint ventures in Mainland China continued to develop technical capabilities; as expected, they made operating losses.   [ Details ]

Dragonair is to add a number of new destinations to its regional network, with new services to Jeju in South Korea and Chiang Mai in Thailand, together with the resumption of scheduled services to Taichung in Taiwan and Xi'an and Guilin in Mainland China. A four-flights-weekly service to Xi'an will begin from 1st April, becoming a daily operation from 1st May, while a daily Guilin service commences on 1st May. The Jeju service will begin from 1st May with three flights a week. Chiang Mai will be a seasonal scheduled service with four flights a week operating from 1st July to the end of September. Taichung, meanwhile, will be served by two flights a day starting from 14th May. All of these routes will be operated by Airbus A320 aircraft. When Jeju and Chiang Mai come online, Dragonair will be the only airline operating direct non-stop services between Hong Kong and these popular tourist destinations. Dragonair will also increase frequencies to three other destinations: Ningbo, Qingdao and Okinawa. From 1st May, the number of flights to Ningbo will rise from 10 flights a week to 14, while services to Qingdao will rise from a daily service to ten flights a week. The Okinawa service will be boosted from twice weekly to four flights a week from 25th March. In addition, an upgrade to an A330-300 aircraft will boost capacity on a number of services, including Kunming and Guangzhou starting from 25th March, and Xiamen from 1st May.   [ Details ]   [ Details ]

The first aircraft to feature Cathay Pacific's new Premium Economy Class and new long-haul Economy Class seats has recently joined the fleet. The new Boeing 777-300ER aircraft – the airline's 25th – arrived in Hong Kong on 26th February. The new Premium Economy experience features a quieter, more spacious cabin, with between 26 and 34 seats. The seat pitch is 38 inches - six inches more than Economy Class - and the seat itself is wider and has a bigger recline. Passengers will benefit from priority check-in and boarding, an increase in baggage allowance from 20kg to 25kg, as well as a variety of onboard enhancements, including a 10.6-inch personal television, an in-seat power outlet, a multi-port connector for personal devices, and a superior meal selection. From 1st April, Premium Economy Class will be available on selected flights on the Sydney, Toronto, Vancouver and New York routes, with London added in May and additional markets coming online through the year. The new long-haul Economy Class seat features a cradle mechanism to enhance the level of comfort in the recline position, a high-resolution, touch-screen personal television, a USB outlet and an iPod/iPhone outlet that allows passengers to connect their own mobile devices to view content through the PTV. The new seats will be fitted on all Cathay Pacific long-haul Boeing 777-300ER and Airbus A330-300 aircraft, with the first aircraft entering service in March on the Sydney and Toronto routes.   [ Details ]

Swire Resources has acquired the exclusive distributorship for luxury French shoe brand Repetto in Hong Kong, and recently opened its first Repetto store at the ifc mall at the International Finance Centre in Central. Founded in 1947, Repetto is rooted in the world of ballet, but today its incredible soft, comfortable and elegant ballerina flats are sought out for everyday wear by discerning women the world over. A second branch of Repetto is scheduled to open at Swire Properties' Pacific Place mall later this year.