Swire Pacific yesterday cut its interim dividend by a third as profits from Cathay Pacific Airways failed to offset a sharp fall in property earnings, sending net earnings for the company plunging 73.82%.

The conglomerate, which is engaged in the property, aviation and beverage businesses, reported net income of HK$3.23bn for the six months to June, compared with HK$12.34bn a year earlier.

The improvement in the aviation business was wiped out by an 88.39% fall in property earnings. Operating profit in property dropped to HK$1.27bn because of a HK$1.18bn revaluation deficit on investment properties, compared with a revaluation gain of HK$9.92bn a year earlier.

South China Morning Post