Hutch down, but beats analysts’ expectations

Hong Kong: Hutchison Whampoa, parent of Hong Kong’s terminal giant Hutchison Port Holdings, said its underlying profit for the six months ended June 30 totalled HK$9.83bn, up from HK$8.72bn a year earlier. However, net profit for the period fell 78% to HK$10.21bn from HK$46.30bn, as the company's year-earlier earnings were lifted by a HK$37.18bn one-off gain from the spinoff of its southern China port assets, now rebranded as HPH Trust in Singapore. The results did, however, beat analysts’ expectations. Hutchison's ports division reported a 15% gain in earnings before interest and tax. 86-year-old boss Li Ka-Shing (pictured) said at the results he had no intention to hand over leadership of his firm to elder son, Victor, just yet.  [02/08/12]

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