Hutchison Whampoa's first-half earnings plunge 33 pc
Hong Kong conglomerate Hutchison Whampoa Ltd, run by billionaire Li Ka-shing, its earnings tumbled 33 per cent in the first half as its oil, ports and hotel businesses flagged amid the economic downturn.
By Agencies |
HONG KONG: Hong Kong conglomerate Hutchison Whampoa Ltd, run by billionaire Li Ka-shing, said Thursday its earnings tumbled 33 per cent in the first half as its oil, ports and hotel businesses flagged amid the economic downturn.
Net profit for the six months through June fell to 5.76 billion Hong Kong dollars (about $743 million) from HK$8.59 ($1.1 billion), the company said in a statement to the stock exchange.
Total revenues dropped 20 per cent HK$141 billion. Li blamed the slumping global economy for the results but said the company, which overseas retail, property, energy, infrastructure and telecom operations in over 50 countries, would fare better in the second half.
Sliding energy prices sent profit at its Canada-listed affiliate Husky Energy Inc plunging by 66 per cent in first half.
Also battered by slowdown was Hutchison's ports and related services business, its profit down 35 per cent from last year. The hotel and property unit's earnings plummeted 37 per cent.
The company was quick to finger "adverse" foreign currency rates for some of the drop off, saying revenue fell 7 rather than 20 per cent before being converted into Hong Kong dollars.
Also Thursday, Li's flagship developer and conglomerate, Cheung Kong (Holdings) Ltd, said first-half earnings edged up about 5 per cent to HK$11.5 billion ($1.49 billion).
Net profit for the six months through June fell to 5.76 billion Hong Kong dollars (about $743 million) from HK$8.59 ($1.1 billion), the company said in a statement to the stock exchange.
Total revenues dropped 20 per cent HK$141 billion. Li blamed the slumping global economy for the results but said the company, which overseas retail, property, energy, infrastructure and telecom operations in over 50 countries, would fare better in the second half.
Sliding energy prices sent profit at its Canada-listed affiliate Husky Energy Inc plunging by 66 per cent in first half.
Also battered by slowdown was Hutchison's ports and related services business, its profit down 35 per cent from last year. The hotel and property unit's earnings plummeted 37 per cent.
The company was quick to finger "adverse" foreign currency rates for some of the drop off, saying revenue fell 7 rather than 20 per cent before being converted into Hong Kong dollars.
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Also Thursday, Li's flagship developer and conglomerate, Cheung Kong (Holdings) Ltd, said first-half earnings edged up about 5 per cent to HK$11.5 billion ($1.49 billion).
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