CK Hutchison H1 earnings rise 4.3%, aiming for strong H2 performance

FILE PHOTO: The CK Hutchison Holdings company logo is displayed during a news conference in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip/File Photo/File Photo

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HONG KONG, Aug 4 (Reuters) – CK Hutchison (0001.HK), the port-telecom arm of retired billionaire Li Ka-shing, said on Thursday its first-half net profit rose 4.3%, aided by energy prices, regular contributions from infrastructure companies.

Profit rose to HK$19.09 billion ($2.43 billion) from HK$18.3 billion a year earlier, after accounting adjustments.

“The group will continue to target recurring earnings growth and increase shareholder returns while maintaining a strong financial position,” Chairman Victor Li said in a statement.

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The conglomerate said it was well positioned to deliver strong performance in the second half and beyond.

“Looking ahead to the second half of the year, the European business should continue to deliver strong performance similar to last year, while the Asian business should also recover well,” Li said, commenting on his business. Retail.

“The continental market will likely continue to be difficult,” he added.

In June, CK Hutchison said investment giant KKR & Co (KKR.N) would invest $1 billion for a 25% stake in his British utility company, Northumbrian Water Group, which he jointly owned with its subsidiaries CK Asset (1113.HK) and Infrastructure CK (1038.HK).

CK Hutchison said earlier Thursday that CK Group had entered into negotiations to sell its remaining less than 4% stake in AMTD Group, the parent company of AMTD Digital.

CK Asset, a major Hong Kong property developer that also has interests in overseas infrastructure and utility assets, reported a 54.8% rise in first-half net profit to 12.94 billion HK dollars, and said it would continue to invest to strengthen the recurring revenue base.

Shares of CK Hutchison ended up 0.9% on Thursday ahead of the results, while CK Asset gained 0.4%. The Hang Seng Index (.HSI) closed up 2.1%.

($1 = HK$7.8497)

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Reporting by Donny Kwok and Clare Jim; edited by Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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