Media365
The ports-to-telecoms conglomerate said on Thursday that underlying profit reached HK$22.3 billion (US$2.85 billion) last year, compared with HK$20.8 billion a year earlier.
Including a one-time accounting loss, net profit fell 31 per cent from a year earlier to HK$11.84 billion, it said.
The one-time non-cash loss of HK$10.92 billion was related to the UK telecoms merger of 3UK with Vodafone. CK Hutchison received about £1.3 billion (US$1.73 billion) in net cash from the merger, according to its filing with the Hong Kong stock exchange.
“Geopolitical pressure has led to a meaningful legal conflict with the Panamanian state relating to the group’s container terminal operations there,” said chairman Victor Li Tzar-kuoi. “Notwithstanding this backdrop, the group’s highly diversified business and geographic spread largely mitigates the impact of adverse developments in any particular sector or country. Strong cash generation in the year has placed the group in a solid financial position.”
He added that the group would continue to “look for opportunities to enhance value for our shareholders through major transaction activity”.
