[ET Net News Agency, 15 June 2020] Swire Properties Limited (01972) expects that there
will be a substantial decrease in the profit attributable to its shareholders for the six
months ending 30 June 2020, as compared to the same period in 2019.
It is expected that there will be a loss on revaluation of investment properties, net of
deferred tax, of approximately HK$2.6 billion in the first six months of 2020, compared
with a profit on revaluation of investment properties, net of deferred tax, of
approximately HK$3.6 billion in the first six months of 2019. The loss principally
reflects the effect of adverse market conditions and COVID-19 on the valuation of
investment properties in Hong Kong and retail investment properties in the U.S.A.
Profits on the sale of investment properties, which were significant in the first six
months of 2019, are not expected to be significant in the first six months of 2020. The
hotel interests, which recorded a profit in the first six months of 2019, are expected to
make a loss in the first six months of 2020. (RC)