Originally Posted by
christep
They were always profitable. Swire just chose to transfer a large chunk of that profit directly to themselves (through the fuel hedge) rather than having to share it with CA and other shareholders.
If so, this would have to be a disclosable related-party transaction to the exchange, and nothing has been disclosed (that I can recall at least). Of course, the exchange is a toothless tiger and private Swire is probably in the oil trading business too, but I doubt Swire was on the other side. Generally speaking, Swire's disclosure is far better than the average HK corporate.