After recording a 9.5% growth in 2022 net profit, buoyed by a large one-off gain, billionaire Li Ka-ports-to-telecoms shying’s conglomerate CK Hutchison Holdings Ltd (0001. HK) said it expected lesser one-off profits this year.
In a stock market filing, the Hong Kong group reported a net gain of almost HK$10 billion ($1.3 billion) through mergers and acquisitions last year.
“Since one-off benefits of similar scale may not materialise and, coupled with the multiple headwinds and externalities… its reported earnings in 2023 are projected to be harmed,” the document stated.
Due to gains in the ports segment, solid infrastructure performance, and the one-off gain, CK Hutchison’s net profit last year grew to HK$36.7 billion, exceeding SmartEstimate’s projection of HK$33.5 billion.
Subsidiary business CK Asset (1113. HK), a large Hong Kong property developer with international infrastructure and utilities assets, reported a 3.6% increase in net profit to HK$21.7 billion.
SmartEstimate predicted a HK$21.8 billion net profit.
CK Asset fell 1.9% and CK Hutchison 2.3% on Thursday before the findings.HSI fell 1.7%.
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