hutchison\s firsthalf profit surges sevenfold
Last Updated : GMT 07:21:17
Arab Today, arab today
Arab Today, arab today

Hutchison\'s first-half profit surges sevenfold

Arab Today, arab today

Arab Today, arab today Hutchison\'s first-half profit surges sevenfold

Hong Kong - Arabstoday

Hutchison Whampoa Ltd, Hong Kong billionaire Li Ka-shing\'s flagship ports-to-telecommunications company, reported a more than sevenfold rise in first-half net profit, helped by a hefty one-off gain from the spin-off of its port assets. But the earnings lagged market forecast as analysts said Hutchison\'s 3G business was not recovering as fast as expected. \"It was a little disappointing. The market had been too optimistic about its earnings,\" said Alex Wong, a director at Ample Finance Group. \"It may be because of the 3G business, which the market had hoped would be a big help to its earnings.\" Article continues below Hutchison, whose businesses include telecommunications operator 3 Group and Watsons retail stores, reported net profit of HK$46.3 billion (Dh21.8 billion), including a one-off gain of HK$44.3 billion for the first half. That compared with net profit of HK$6.32 billion for the first half of 2010 but lagged an average forecast of HK$51.2 billion from ten analysts surveyed by Thomson Reuters. Hutchison said it booked an exceptional gain of HK$44.29 billion in the first half from the Singapore initial public offering of its southern China ports assets — Hutchison Port Holdings Trust. Its 3G arm posted an EBIT (earnings before interest and tax) of HK$767 million during the first half against an LBIT (loss before interest and tax) of HK$2 billion a year ago. Hutchison said its 3G customer base totals over 30.2 million worldwide, up only 3 per cent in the first half. Stronger performances of its energy, retail, property and infrastructure combined to increase its first half earnings, analysts said. \"With core businesses performing well and generating cash, a stronger balance sheet and liquidity, the group is well positioned for continued growth and will continue to invest and expand its core businesses,\" Chairman Li Ka-shing said. \"The group\'s diversified portfolio of businesses worldwide will continue to perform favourably. I remain confident in the group\'s outlook and development in the second half of 2011,\" he said in a statement. Hutchison, an associate of Cheung Kong (Holdings) Ltd, declared an interim dividend of HK$0.55 per share, up from an interim dividend of HK$0.51 per share that it has been distributing since 2000. Hutchison\'s third-generation (3G) telecommunications business, which had been losing money over the past decade but broke even in the second half of 2010, recovered further this year. Hutchison said it was expected to contribute to the conglomerate\'s profits in the second half of 2011.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hutchison\s firsthalf profit surges sevenfold hutchison\s firsthalf profit surges sevenfold

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hutchison\s firsthalf profit surges sevenfold hutchison\s firsthalf profit surges sevenfold

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday