The HAECO Group has reported an attributable loss of HK$541m in 2017. This loss included an impairment charge of HK$625m in respect of the goodwill attributable to HAECO USA Holdings, Inc. (HAECO Americas) and a write off of HK$249m in respect of HAECO Americas’ net deferred tax assets.
This compares with a profit of HK$975m in 2016, which included a gain of HK$805m on disposal of the interest of Hong Kong Aero Engine Services (HAESL) in Singapore Aero Engine Services (SAESL) and an impairment charge of HK$285m in respect of the goodwill attributable to HAECO Americas.
Disregarding the impairment charges in both years, the net deferred tax asset write off in 2017 and the gain on disposal in 2016, the HAECO Group made an attributable profit of HK$340m in 2017, compared with an attributable profit of HK$516m in 2016.
