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Li earns more in 2009
Source: Agencies |
March 31, 2010, Wednesday
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CHEUNG Kong (Holdings) Ltd, billionaire Li Ka-shing's flagship real estate conglomerate, more than quadrupled its second-half net profit on strong sales as the economy recovered and on higher contributions from associate Hutchison Whampoa.
Asia's second-biggest property company by market value after Sun Hung Kai Properties, posted July-December profit of HK$8.4 billion (US$1.08 billion) versus a restated profit of HK$2.06 billion a year earlier. Analysts had forecast HK$6 billion profit, according to Thomson Reuters.
Full-year profit was HK$19.89 billion, compared with restated profit of HK$13.03 billion in 2008.
Hong Kong residential property prices, which rallied about 30 percent last year, are expected to rise further due to strong demand from investors, limited supply of land and low interest rates.
Hutchison Whampoa, Li's ports-to-telecoms flagship company, saw its second-half earnings more than double, but the result lagged expectations, on weak results for its ports and energy divisions.
Hutchison reported a net profit of HK$8.4 billion for the second half of 2009, according to calculations from the company's full-year figures. This was higher than the restated HK$4.09 billion recorded the same time in 2008, but lower than the HK$9.44 billion market forecast by Thomson Reuters.
Full-year net profit totaled HK$14.17 billion, the firm said, higher than 2008's restated HK$12.68 billion.
Asia's second-biggest property company by market value after Sun Hung Kai Properties, posted July-December profit of HK$8.4 billion (US$1.08 billion) versus a restated profit of HK$2.06 billion a year earlier. Analysts had forecast HK$6 billion profit, according to Thomson Reuters.
Full-year profit was HK$19.89 billion, compared with restated profit of HK$13.03 billion in 2008.
Hong Kong residential property prices, which rallied about 30 percent last year, are expected to rise further due to strong demand from investors, limited supply of land and low interest rates.
Hutchison Whampoa, Li's ports-to-telecoms flagship company, saw its second-half earnings more than double, but the result lagged expectations, on weak results for its ports and energy divisions.
Hutchison reported a net profit of HK$8.4 billion for the second half of 2009, according to calculations from the company's full-year figures. This was higher than the restated HK$4.09 billion recorded the same time in 2008, but lower than the HK$9.44 billion market forecast by Thomson Reuters.
Full-year net profit totaled HK$14.17 billion, the firm said, higher than 2008's restated HK$12.68 billion.
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