Hutchison Whampoa may report a steep fall in net profit for 1H (Hong Kong)
According to analysts, Hong Kong tycoon Li Ka-shing’s conglomerate Hutchison Whampoa Ltd. could post a sharp decline in net profit for the first half of the year due to lower gains from asset sales. Net income for the six months could have dropped more than 70 percent to HK$8.6 billion compared with HK$28.76 billion in the same period last year, according to a forecast. Hutchison Whampoa’s earnings were helped by a disposable gain of $4.6 billion, booked after its telecom unit, Hutchison Telecommunications International Ltd., sold off Indian mobile phone assets, a year ago.
It is expected that Cheung Kong is going to post earnings of around $798 million in the first half. This symbolizes a steep fall from the year-ago period, when the company recorded HK$18.54 billion in profit. With the Hong Kong’s market, shares of both th companies have fallen down, Hutchinson down more than 20% and Cheung Kong off over 29%.
