CK Hutchison H1 profit rises 4.3%, aims for solid H2 performance

AMTD Digital

04/08/2022 10:09

HONG KONG, Aug 4 (Reuters) - CK Hutchison  0001.HK , the
ports-to-telecoms arm of retired billionaire Li Ka-shing, said
on Thursday its net profit in the first six months rose 4.3%,
helped by high energy prices, steady contributions from
infrastructure businesses.
    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 aim to achieve growth in
recurring earnings and increase shareholder return while
maintaining a strong financial position," Chairman Victor Li
said in a statement.  
    The conglomerate said it is well-positioned to deliver solid
performance in the second half and in the years ahead.
    "Looking ahead to the second half of the year, the European
businesses should continue to deliver robust performances
similar to last year, while Asian operations are also expected
to recover well," Li said, commenting on its retail business.
    "The mainland market will likely continue to be
challenging," he added. 
    In June, CK Hutchison said investment giant KKR & Co  KKR.N 
would invest $1 billion for a 25% stake in its British utility
company, Northumbrian Water Group, which it jointly owned with
its affiliates CK Asset  1113.HK  and CK Infrastructure
 1038.HK .  urn:newsml:reuters.com:*:nL4N2YV31O
    CK Hutchison said earlier on Thursday that CK Group had
entered into negotiations on the sale of its less than 4%
remaining stake in AMTD Group, the parent of AMTD Digital
 HKD.N .  urn:newsml:reuters.com:*:nFWN2ZG0C8
    CK Asset, a major property developer in Hong Kong which also
has interests in infrastructure and utility assets overseas,
reported a 54.8% rise in first-half net profit to HK$12.94
billion, and said it would pursue investments to strengthen
recurring income 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 2.1% higher.
    ($1 = 7.8497 Hong Kong dollars)

 (Reporting by Donny Kwok and Clare Jim; editing by Jason Neely)
 ((clare.jim@thomsonreuters.com;))