“Swire Properties (1972) today reported full-year profit of HK$33.95 billion from compared with HK$15.05 billion in 2016.”
I would imagine our Swire employee managers/directors would be receiving quite a bonus from this profit. Perhaps it will make up for their foregoing any CX related bonus?????

I would like to know why Inland Revenue allow a fine levied against fraudulent behaviour such as cargo price fixing to be written off against taxable profit? Sadly, we frequently see large corporations getting a smack on the wrist for fixing interest rates, cargo fees, currency exchanges etc and no-one gets sacked or shut down. It is obviously a management decision to task an individual, group of individuals or even a whole department with the job of defrauding their customers as the profit - even allowing for being caught and fined - is worthwhile. Then, when caught, they double dip by writing down the fine as a cost of doing business.
Another thing that gets my goat is that despite managing us into a black hole, Swire have elected to pay the full dividend to shareholders (ie themselves). They already skim their "management fee" before losses, but evidently that isn't enough.
They then have the gall to tell the employees that they need to tighten their belts and take one for the team. Good luck selling that one!

The employees are always more important that itinerant shareholders. It's disgusting they have paid the full dividend, but just more evidence for the AOA to hold the line against ANY concessions. If the shareholders can be treated such, then so shall we. Actually, where is the pay review and the overdue pay raise?

Does raise the question of why do they bother, unless they like the high profile that an airline has. Personally I would have sold CX/KA to the PRC a long time ago, and consoled myself with the piles of gold from property

They don't. From the IRD
Examples of non deductables: ♦ penalties/fines for breaking the laws; ♦ entertainment expenses not expended for business purpose; and ♦ rent or expenses relating to premises not occupied for the purpose of producing assessable profits.

Perhaps driving down employees COS and ignoring contractual and EO entitlements is considered a sport to them?
Makes for some great yarns at the China Club no doubt!

Thanks for clarifying that...blood pressure returning to lower levels.

Some interesting math:

Value of CX 53bn HKD

Value of CX shares in Air China 33b HKD

Basically, the market thinks CX is only worth 20bn HKD.