Cathay to buy HACTL stake
Cathay Pacific Airways has entered an agreement to acquire a 10 per cent stake in Hongkong Air Cargo Terminals Ltd (HACTL) for HK$95 million (US$12.18 million), conditional on the company being awarded an air cargo handling licence at the new Chek Lap Kok airport. The move comes only 12 days after China National Aviation Corp. (CNAC) bought the government's 10 per cent stake in HACTL for HK$106 million (US$13.59 million).
The Swire group will increase its overall shareholding in HACTL to 40 per cent if the Cathay Pacific deal goes ahead, already holding 30 per cent through Swire Aviation.
HSBC up 51%
HSBC Holdings, the holding company for Hongkong Bank, has reported a 51 per cent increase in profit for the first six months of the year to HK$5.01 billion (US$644 million), despite major provisions for bad and doubtful debts.
Swire Pacific up 101%
Swire Pacific has turned in an interim profit of HK$2.18 billion (US$279 million), up 101.4 per cent on the same period last year.
Cathay Pacific Airways
Cathay Pacific's interim profit of HK$1.26 billion (US$162 million) represented a 13 per cent rise.
HAECO up 23%
Another Swire subsidiary, Hongkong Aircraft Engineering Company (HAECO), showed a better interim performance by posting a 23 per cent increase in profit to HK$180.5 million (US$23 million). This compares with the 7.8 per cent rise recorded in the corresponding period last year. Turnover increased by 14 per cent to HK$1 billion (US$128 million).
Wharf profits break $900m barrier
Wharf Holdings was within sight of the HK$1 billion (US$128 million) mark for its interim profits - finishing the first six months of the year with HK$958 million (US$123 million). The profit before extraordinary items for the six months to June 30 was up 12 per cent on the first half last year.
SCMP profit up 9%
South China Morning Post Holdings finished the year with after-tax profits of HK$531.7 (US$68 million), an increase of 9.3 per cent over last year. The net profit was achieved on a turnover of HK$922 million (US$118 million).
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