TRADING &
INDUSTRIAL

Attributable profit from the Trading & Industrial Division in 2013 decreased by 4% to HK$237 million. The decrease principally reflected weaker results from Taikoo Motors and Campbell Swire and costs associated with developing the Swire Pacific Cold Storage business. This was partly offset by a better result from Akzo Nobel Swire Paints.

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2013 Movement in Underlying Profit

Decrease in recurring profit due to weaker results from Taikoo Motors, increased losses from Campbell Swire and costs associated with new business development, offset by better results from Akzo Nobel Swire Paints.
Absence in 2013 of
HK$8.6bn
underlying profit on sale  of Festival Walk.

2013 Performance Highlights

Revenue
-1%
Gross Margin
+2% pts
Operating Costs
+9%