SEHK:1972Real Estate
Swire Properties (SEHK:1972) Profit Rebound Sharpens Focus On Office Recovery
Swire Properties went into this earnings day with a stock that had drifted over the past quarter, down about 6% over 90 days yet up roughly 12% over the past month. The headline today is not the share price. It is the sharp rebound in profit quality. Underlying profit reached HK$4.9b in the first half and recurring underlying profit hit HK$4.7b, figures that sit in stark contrast to the recent period when a HK$3.2b one off loss weighed on reported numbers.
For a developer known for premium...