HONG KONG — Swire Pacific, a Hong Kong-listed conglomerate spanning businesses from property to aviation, announced Thursday that its profit took a dive due the city’s real estate woes, even as other key operations like Cathay Pacific Airways performed better.
The company’s total annual revenue came to 81.96 billion Hong Kong dollars ($10.51 billion), down 13.6% on the year. Its net profit slipped to HK$4.32 billion, an 85% plunge, as the group, which has British roots, suffered from substantial fair-value losses on investment assets.
