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Hong Kong Aircraft Engineering sees 17% in 2011 profit

Mar. 14, 2012 (China Knowledge) - Hong Kong Aircraft Engineering Co Ltd<0044>, Hong Kong's largest aircraft service company, has announced that profit attributable to the shareholders of the company rose 17.1% year on year to HK$821 million in 2011.

Earnings per share were HK$4.94 last year, up 17.1% year on year. The Hong Kong-listed company proposed a second interim dividend of HK$1.90 per share and a special dividend of HK$3.40 per share, taking its total distribution for the year to HK$6.00 per share.

Net operating profit was HK$525 million in the period, up 35% from 2010. After-tax earnings from jointly controlled companies, Hong Kong Aero Engine Services Ltd and Singapore Aero Engine Services Pte Ltd, climbed 9.2% year on year to HK$415 million.

The company's turnover jumped 21.2% year on year to HK$5.17 last year.

Christopher Pratt, chairman of the company, expected that demand for the group's airframe and line maintenance services in Hong Kong is expected to remain strong this year, although aviation industry is being affected by instability and uncertainty in the world’s major economies.

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