Moody's Investors Service said that Swire Pacific Limited's (00019) moderate financial results for the six months ended 30 June 2017 (1H 2017) were broadly in line with expectations and do not affect the company's A3 senior unsecured debt rating or the negative outlook on the rating.
Swire Pacific reported adjusted underlying profit attributable to shareholders - excluding revaluation gains on investment properties, and other significant non-recurring gains/losses - of HK$2.2 billion, down 25% year over year.
"Swire Pacific's slight deterioration in financial leverage was within expectation, as the group increased debt to fund its property development and beverages expansion in Mainland China and the USA while the operating profit - after adjusting for non-recurring items - declined slightly because of continual losses in aviation and marine services," said Stephanie Lau, a Moody's Vice President and Senior Analyst.
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