CK Hutchison 1st Half Net Profit up 7% at HK$15.92 Billion

By Joanne Chiu Features Dow Jones Newswires

CK Hutchison Holdings Ltd. (0001.HK) reported a 7% rise in net profit in the first half, as strong growth at its telecommunication operations and steady contributions from its energy business partly offset the impact of weak currencies in some of its major markets.

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The ports-to-telecommunications company, with operations in more than 50 countries, said Thursday its net profit in the six months ended in June was 15.92 billion Hong Kong dollars (US$2.04 billion), compared with a net profit of HK$14.92 billion a year earlier. Earnings before interest and tax rose 2% to HK$30.01 billion from HK$29.47 billion during the same period.

CK Hutchison's revenue in the first half rose 5% to HK$190.05 billion from HK$180.51 billion a year ago. It declared an interim dividend of HK$0.78 per share, 6% higher than the HK$0.735 a share it paid in the year-earlier period.

The conglomerate owned by Li Ka-shing, Hong Kong's richest man, said its profit growth was mainly due to higher contribution from its telecommunication operations and several infrastructure acquisitions, well as improving performance of Husky Energy Inc. (HUSKF) amid stable oil prices.

Separately, Cheung Kong Property Holdings Ltd. (1113.HK) said its first-half net profit jumped 67% to HK$14.41 billion from HK$8.61 billion profit a year ago, on higher property sales and property revaluation gains. It recommended an interim dividend of HK$0.42 a share, up 10.5% on year.

Write to Joanne Chiu at joanne.chiu@wsj.com

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(END) Dow Jones Newswires

August 03, 2017 05:33 ET (09:33 GMT)