SWISSAIR REPORTS LOWER PROFIT AND DIVIDEND Swissair <SWSZ.Z> reported a 5.8 pct drop in 1986 net profit to 64.5 mln Swiss francs and said that, in line with its new, flexible dividend policy, it would cut its payout to 33 francs per share from 38. President Robert Staubli told a news conference that the first two months of this year gave hope that 1987 profit would at least equal last year's figure, but said much depended on outside factors such as fuel prices and the exchange rate. The fall was largely due to a 60 mln franc loss on Swissair's core flying business last year, against a profit of 27 mln francs the previous year, he said. The net profit figure was reached after receipt of some 68 mln francs from plane sales, compared with a mere 17 mln francs in 1985. Finance Head Martin Juenger said he expected around 20 mln francs from sales this year, although said much depended on the speed with which it decided to sell its DC-10s. Gross profit for 1986 reached 340.5 mln francs, with 276 mln francs subtracted for ordinary depreciation. Gross profits for the previous year had been 382.5 mln francs, with 314 mln subtracted for depreciation, including 45 mln francs supplementary depreciation. Staubli said the 1986 result, well below predictions made this time last year, suffered considerably due to exchange rate fluctuations, in particular the strength of the Swiss franc. While the negative effects on revenue of the sharp drop in the dollar were partially compensated for by cheaper fuel prices, there was no such offset for the strength of the franc against other European currencies. "Income and profit generated by services to these countries shrank by a very substantial margin," he said. "Exchange rate trends therefore hit us much more severely than most other airlines."