Hutchison Whampoa H1 net profit down 33 pct
Ports-to-telecoms conglomerate Hutchison Whampoa said on Thursday that its first-half net profit fell 33 percent on narrower one-off gains, a steep drop in container throughput and continued losses in its European 3G mobile phone business.
Net profit for January-June was HK$5.76 billion ($738 million), it said, down from a restated HK$8.59 billion a year earlier.
Losses from the company's 3G business narrowed 66 percent to HK$1.81 billion.
The profit beat a consensus forecast for a profit of HK$3.59 billion by six analysts polled by Reuters.
Hong Kong billionaire Li Ka-shing's flagship, one of the top industrial conglomerates in Asia-Pacific by market capitalisation, also holds stakes in property, energy and retail businesses.
The widely diversified group had been kept afloat in recent years by one-off gains, which especially spared it from the worst impact of the global economic downturn.
Shares in Hutchison Whampoa, which also holds stakes in property, energy and retail businesses, rose more than 30 percent in the first half, outperforming the benchmark Hang Seng index. On Thursday the stock rose a further 2.55 percent.
Net profit for January-June was HK$5.76 billion ($738 million), it said, down from a restated HK$8.59 billion a year earlier.
Losses from the company's 3G business narrowed 66 percent to HK$1.81 billion.
The profit beat a consensus forecast for a profit of HK$3.59 billion by six analysts polled by Reuters.
Hong Kong billionaire Li Ka-shing's flagship, one of the top industrial conglomerates in Asia-Pacific by market capitalisation, also holds stakes in property, energy and retail businesses.
The widely diversified group had been kept afloat in recent years by one-off gains, which especially spared it from the worst impact of the global economic downturn.
Shares in Hutchison Whampoa, which also holds stakes in property, energy and retail businesses, rose more than 30 percent in the first half, outperforming the benchmark Hang Seng index. On Thursday the stock rose a further 2.55 percent.