Hutchison Sees Profit Surge 53 Percent

The conglomerate owned by billionaire Li Ka-shing's said its profit for the 12 months ended Dec. 31 was 30.6 billion Hong Kong dollars ($3.9 billion), up from HK$20.03 billion a year earlier.

The result was below the average HK$32.81 billion forecast of 12 analysts polled earlier by Thomson Financial.

Revenue rose 15 percent to HK$308.8 billion ($40 billion; euro25 billion) from HK$267.7 billion. Hutchison's board proposed a final dividend of HK$1.22 (16 cents) per share, unchanged from a year earlier.

Hutchison's 3G operations posted a loss before interest and tax of HK$17.94 billion ($2.3 billion), compared with a loss of HK$20 billion in 2006. The company said it now has more than 17.6 million 3G subscribers worldwide.

Hutchison's performance helped boost the results of another one of Li's companies, property developer Cheung Kong (Holdings) Ltd.

Cheung Kong said Thursday its net profit for 2007 rose 53 percent, boosted by stronger contributions from Hutchison Whampoa and higher investment income.

It said it posted net profit of HK$27.68 billion ($3.6 billion) for the 12 months ended Dec. 31, up from HK$18.08 billion a year earlier.

The result was above the average forecast of HK$26.02 billion in a Thomson Financial poll of 16 analysts.

Revenue rose 0.5 percent to HK$15.44 billion ($2 billion) from HK$15.35 billion.

Cheung Kong's earnings contribution from Hutchison Whampoa was HK$15.29 billion ($2 billion), up 53 percent from HK$10.01 billion in 2006.

Cheung Kong's board proposed a final dividend of HK$1.95 (25 cents), up from HK$1.74 a year earlier.

Li is the chairman of both Hutchison Whampoa and Cheung Kong. Hutchison has businesses in port services, property, retail, energy and telecommunications, among others.

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