By P.R. Venkat
Swire Pacific Ltd. posted a loss in the first half of the year, as the Covid-19 pandemic weighed on its airline and offshore businesses.
Net loss for the period was 7.74 billion Hong Kong dollars (US$998.5 million), while revenue fell 9% from a year earlier to HK$39.06 billion.
In the first half of 2019, Swire reported net profit of HK$7.94 billion.
Swire said it is reducing its dividend payout to remain in cash position.
"A number of our businesses continue to be adversely affected by Covid-19. The effect on Cathay Pacific is particularly severe. But our property and beverages businesses in the Chinese mainland are recovering well," Chairman Merlin Swire said.
Swire, which owns a 45% stake in Cathay Pacific, also has business interests spanning sectors from property to trading and offshore.
Write to P.R. Venkat at venkat.pr@wsj.com