Hutchison Whampoa recurring profit increases a healthy 13%
Source: Agencies |
August 3, 2012, Friday
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Print Edition
Print Edition
HONG Kong tycoon Li Ka-shing's conglomerate Hutchison Whampoa said yesterday that first-half profit tumbled 78 percent from the year before when results were boosted by a big one-time gain.
The ports-to-mobile phones conglomerate, which has operations in 53 countries and employs more than a quarter-million people, said stripping out that gain showed that recurring profit was 13 percent higher. Hutchison said the company's divisions "continued to perform well despite deteriorating global economic conditions that affect many of the markets and sectors in which we operate to varying degrees."
The company, controlled by Li, Asia's richest man, posted a profit of 10.2 billion Hong Kong dollars (US$1.3 billion) for the January-June period, down from HK$46.3 billion last year. Last year's profits were boosted by the spin-off of its ports in Hong Kong and southern China, which raised HK$37.2 billion.
Most Hutchison divisions posted profit gains despite the bleak economic outlook in Europe, where many of them have significant operations. The results help illustrate why the 84-year-old businessman is nicknamed Superman by people in Hong Kong. Forbes Magazine estimates Li's net worth at US$25.5 billion, making him the world's ninth richest person, as of March.
Li said he has no plans to retire but reiterated he will eventually pass the business empire to his eldest son, Victor.
The ports-to-mobile phones conglomerate, which has operations in 53 countries and employs more than a quarter-million people, said stripping out that gain showed that recurring profit was 13 percent higher. Hutchison said the company's divisions "continued to perform well despite deteriorating global economic conditions that affect many of the markets and sectors in which we operate to varying degrees."
The company, controlled by Li, Asia's richest man, posted a profit of 10.2 billion Hong Kong dollars (US$1.3 billion) for the January-June period, down from HK$46.3 billion last year. Last year's profits were boosted by the spin-off of its ports in Hong Kong and southern China, which raised HK$37.2 billion.
Most Hutchison divisions posted profit gains despite the bleak economic outlook in Europe, where many of them have significant operations. The results help illustrate why the 84-year-old businessman is nicknamed Superman by people in Hong Kong. Forbes Magazine estimates Li's net worth at US$25.5 billion, making him the world's ninth richest person, as of March.
Li said he has no plans to retire but reiterated he will eventually pass the business empire to his eldest son, Victor.
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