Date
21 January 2017
Swire Pacific chairman John Slosar (right) and chief executive Guy Bradley said net profit grew 21 percent to HK$13.43 billion last year. Photo: HKEJ
Swire Pacific chairman John Slosar (right) and chief executive Guy Bradley said net profit grew 21 percent to HK$13.43 billion last year. Photo: HKEJ

Swire Pacific to revamp Pacific Place tenants amid sales decline

Swire Pacific Ltd. (00019.HK) plans to restructure the tenant portfolio of its flagship mall Pacific Place following a decline in sales of luxury goods due to a slump in the number of mainland visitors to the city.

A slew of food and beverage brands will be added to the basket in the coming 12 to 18 months, the Hong Kong Economic Journal reported on Friday, citing chief executive Guy Bradley.

The conglomerate said net profit grew 21 percent to HK$13.43 billion last year. Underlying profit, excluding the revaluation of investment properties, was up 2 percent at HK$9.89 billion.

Earnings from its property division edged down 1 percent to HK$5.79 billion, but up 2 percent if losses from the disposal of four hotels in Britain are excluded.

Its subsidiary Swire Properties Ltd. (01972.HK) posted a net profit of HK$1.41 billion, up 47.9 percent.

Its oilfield services division incurred a loss of HK$1.28 billion on lower utilization rate amid the plunging oil price.

[Chinese version中文版]

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