Li Ka-shing's CK Hutchison posts 7% increase in half-year profit

[HONG KONG] Billionaire Li Ka-shing's CK Hutchison Holdings Ltd reported a 7 per cent rise in profit, led by its telecommunications business in Europe.

Net income rose to HK$15.9 billion (S$2.76 billion) during the first six months of 2017, the Hong Kong-based mobile-to-infrastructure group said in a statement Thursday. The results compared with the HK$16.2 billion average estimate of three analysts surveyed by Bloomberg.

Mr Li, whose European businesses range from telecommunications to retail and utilities, is benefiting from an economic recovery in the region. The tycoon is planning to expand his presence in the Europe after announcing last week his companies agreed to buy German smart-meter company Ista International GmbH for US$5.3 billion.

Elsewhere in his empire, Mr Li's Cheung Kong Property Holdings Ltd said last month it would rename itself to CK Asset Holding Holdings Ltd as it diversifies away from real estate. Last week, the Hutchison group's Hong Kong-based telecom arm agreed to sell its fixed-line assets in a US$1.9 billion cash deal with an investor group.

BLOOMBERG