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Billionaire Li Ka-Shing's CK Hutchison tops profit estimates
[HONG KONG] Billionaire Li Ka-shing's flagship CK Hutchison Holdings Ltd delivered profits that edged above analysts' estimates in the first annual results since the conglomerate underwent its biggest-ever reorganisation last year.
Adjusted net income, estimated by management to facilitate comparisons, slipped to HK$31.2 billion (S$5.43 billion) last year, CK Hutchison said in a statement on Thursday. That compares with the HK$30.9 billion average analyst estimate compiled by Bloomberg. The company also announced a full-year dividend of HK$2.55 a share, while analysts estimated HK$2.71.
Hong Kong's richest man merged his two main companies - Cheung Kong and Hutchison Whampoa - in June and spun off the real-estate business to reorganise an empire that spans across industries and in more than 50 countries. The overhaul came as 87-year-old Mr Li prepares to hand over control to 51-year-old son Victor.
The adjusted figures were provided by management to show what earnings would have been if the reorganisation occurred at the beginning of 2015 instead of June. Unadjusted, net income was HK$118.6 billion.
CK Hutchison shares slipped 0.3 per cent to close at HK$98.85 before announcing earnings.