Swire Pacific says profit slumps, mainly due to Cathay

Hong Kong conglomerate Swire Pacific said net profit fell 46 per cent to HK$17.5 billion in 2012, blaming a sharply reduced contribution from Cathay Pacific Airways.

On Wednesday, Cathay Pacific said net full-year profit fell 83 per cent reported net profit of HK$916 million. Swire Pacific is a substantial shareholder in Cathay Pacific.