CK Hutchison H1 net profit drops 41%, CK Asset down 19%

CK Asset Holdings

03/08/2023 10:06

HONG KONG, Aug 3 (Reuters) - CK Hutchison Holdings Ltd
 0001.HK , the ports-to-telecoms conglomerate owned by
billionaire Li Ka-shing, posted a 41% drop in net profit in the
first six months, hurt by a strong U.S. dollar and input cost
inflation. 
    The Hong Kong-based group said in a filing that net profit
in the first half declined to HK$11.2 billion ($1.44 billion) on
a post-IFRS 16 basis. If a 2022 one-time net gain was excluded,
the underlying profit dropped 13% from a year ago.
    "The group's full year outlook remains resilient from an
operational perspective (due to) its business and geographical
diversification," chairman Victor Li said in a statement.
    The group also owns energy and retail businesses in Europe
and other part of the world. 
    Li noted that consumer and business confidence might
continue to soften as higher interest rates and more constrained
credit environments weigh on sentiment, while energy and
commodity prices remain volatile and the risk of supply side
driven spikes persist. 
    Sister company CK Asset  1113.HK , a major property
developer in Hong Kong which also has interests in
infrastructure and utility assets overseas, said net profit
during the period dropped 19% to HK$10.3 billion, due to the
discontinuation of an aircraft leasing operation in 2022 and a
drop in property developments.
    Shares in CK Hutchison ended down 1.4% on Thursday ahead of
the results, while CK Asset eased 1.5%. The Hang Seng Index
 .HSI  dropped 0.5%. 
($1 = 7.8048 Hong Kong dollars)

 (Reporting by Clare Jim; Editing by Robert Birsel)
 ((clare.jim@thomsonreuters.com;))