[Edited to say that while I was writing this Barton didn't feel as restrained as I thought he might and got his reply in first ]

(I'll say this since Barton may feel his hands are a little tied as moderator)

oneworld fan,

Can I suggest you do a little more research before slagging off people here. I know that Barton Watson knows plenty about finances - I don't know your background but I would be very surprised if you are as financially literate or successful as he is.

His comment was a perfectly accurate one. Swire is a minority shareholder in Cathay Pacific (43.9%). As an associated company this allows Swire to consolidate that share of Cathay Pacific's assets & profits into their accounts. However, this says nothing about the cash income from Cathay. (Cash and profit are very different things - many profitable companies go bankrupt because they run out of cash.)

In general, Swire's only form of cash from them is from the dividends that Cathay may issue from time to time on those shares.

You are correct that Cathay has been one of the most consistently profitable airlines in the world and that its cash position is currently strong. But you are completely wrong in questioning the financial competence of Mr Watson whose question (and implied comment) were completely valid.

[This message has been edited by christep (edited 05-11-2003).]