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Published: 18:58, August 05, 2021 | Updated: 19:00, August 05, 2021
CK Hutchison interim profit up 41% as global growth continues
By Oswald Chan in Hong Kong
Published:18:58, August 05, 2021 Updated:19:00, August 05, 2021 By Oswald Chan in Hong Kong

Victor Li Tzar-kuoi, chairman of CK Hutchison, speaks during a press conference in Hong Kong on March 16, 2018. The port-to-telecom conglomerate founded by tycoon Li Ka-shing said its reported earnings were HK$18.3 billion (US$2.35 billion) for the six months ended June 30, 2021, up 41 percent from a year ago. (ANTHONY WALLACE / AFP)

CK Hutchison, the port-to-telecom conglomerate founded by tycoon Li Ka-shing, said its reported earnings were HK$18.3 billion (US$2.35 billion) for the six months ended June 30, up 41 percent from a year ago.

The company also declared an interim dividend of HK$0.8 per share, a hike of 30 percent from the previous year.

CK Hutchison attributed the improved performance to the continued recovery momentum across major economies in the first half of 2021; the growing number of vaccinated people; the gradual easing of movement restrictions, particularly in Europe; good progress in the reopening of major economies; and accommodative monetary and fiscal policies

The conglomerate made the reported earnings based on total revenue of HK$212.38 billion, an increase of nearly 12 percent from a year ago.

The company attributed the improved performance to the continued recovery momentum across major economies in the first half of 2021; the growing number of vaccinated people; the gradual easing of movement restrictions, particularly in Europe; good progress in the reopening of major economies; and accommodative monetary and fiscal policies.

ALSO READ: CK Hutchison's 2020 profit down 27% on pandemic hit

However, CKH Chairman Victor Li Tzar-kuoi warned that uncertainty remains as pandemic threats continue, with multiple waves of infection in different regions, particularly in Asia and in countries where vaccination rates have lagged.

“The efficacy of the vaccines against new virus mutations, the new wave of infection particularly across developing countries with low vaccination rates, the effectiveness of policy support to facilitate the transition back to normalcy, as well as the associated inflationary risks and supply constraints from subdued mobility caused by the pandemic, continue to pose risks and uncertainties ahead,” Li cautioned in the company statement on Thursday.

CK Asset Holdings, the conglomerate’s property arm, said its profit attributable to shareholders rose nearly 31 percent to HK$8.36 billion for the six months ended June 30, based on revenue of HK$24.2 billion, a 17 percent drop from a year ago.

The real estate developer announced an interim dividend of HK$0.41 per share, registering ahike of about 21 percent.

In the period, the developer’s recognized revenue from property sales in Hong Kong, the Chinese mainland and overseas countries tumbled 24 percent to HK$14.79 billion from a year earlier. Of the total figure, recognized revenue from property sales in Hong Kong plunged 90 percent to about HK$610 million.

READ MORE:CK Hutchison, Ooredoo in talks to merge Indonesia telecom units

The company had a development land bank of about 80 million square feet, of which 6 million square feet were located in Hong Kong. The land bank included developers’ interests in joint development projects but not agricultural land and completed properties.

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