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Hong Kong: Swire profit jumps 62 percent

Swire Pacific Ltd posted a 62 percent increase in its 2009 underlying profit on 11 March, driven by affiliate Cathay Pacific Airways Ltd’s return to profit on fuel-hedging gains and resilient rental income.

Swire Pacific’s underlying profit increase exceeded analysts’ expectations and reversed a 49 percent decline in 2008, suggesting a broad-based recovery in Hong Kong’s economy, as the conglomerate’s businesses span property development and investment, aviation, marine services and beverages.

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(Source: The Wall Street Journal Online)