CK Hutchison H1 profit at HK$14.46b, meets forecasts

[HONG KONG] Li Ka-shing's CK Hutchison Holdings said on Tuesday total profit attributable to shareholders was HK$14.46 billion (S$2.61 billion) in the first half, as growth in its retail and European telecom units was partly offset by a weak euro.

The result was in line with an average forecast for net profit of HK$14.13 billion, according to three analysts polled by Reuters.

CK Hutchison, the retail-to-telecoms group of Asia's richest man, was created by a group reshuffle announced in February that segregated its property assets and increased exposure in overseas markets.

Solid growth in its retail and European telecoms businesses was partly offset by a weak euro, analysts said. A fall in oil prices also hurt its energy assets, with unit Husky Energy Inc's latest quarterly profit down more than 80 percent.

The company earlier this month announced a joint venture with Vimpelcom to combine their Italian mobile operations.

REUTERS