Reshuffle brings in US$13b profit in H1
Print Edition
HONG Kong billionaire Li Ka-shing’s flagship CK Hutchison Holdings posted a net profit of over US$13 billion in the first half of the year, in its first earnings report since a sweeping reshuffle of Li’s business empire.
The firm, which controls assets in telecoms, utilities, ports and other industries in over 50 countries, reported a net profit of HK$101.86 billion (US$13.14 billion) for the six-month period, while revenue stood at HK$117.25 billion.
The results were not comparable to the same period of last year with Li’s Cheung Kong and Hutchison Whampoa merging assets in June.
Li sounded a note of caution over the results due to “weak” global growth.
“External conditions in the first half remained challenging with weak global growth, sustained low commodity prices, uncertainty as to monetary policy directions and increased currency volatility,” he said in a statement filed to the city’s bourse.
CK Hutchison saw its shares up 3.8 percent at the close in Hong Kong at HK$102.3 per share before the results were announced.
The news came amid concerns of a slowdown in China, with stocks in the world’s second-largest economy pursuing their worst rout in nearly two decades.
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