Hutchison Whampoa, billionaire Li Ka-shing's biggest company, said annual profit rose 12 per cent as gains from asset sales and narrower mobile-phone losses outweighed a slump in earnings from ports and energy.
Net income increased to HK$14.2 billion Hong Kong dollars ($1.8 billion), or HK$3.32 a share, from a restated HK$12.7 billion dollars, or HK$2.97 a year earlier, Hutchison said in a statement to the Hong Kong stock exchange today.
Hutchison cut marketing and network spending at its wireless units to save costs and sold assets to help plug the hole left by the global
recession. The company, with businesses from drugstores to power stations in 54 countries, may boost investments this year as the economic recovery revives trade and consumer spending.
Hutchison shares fell 1.7 per cent to HK$57.25 in Hong Kong after the earnings were announced during the midday break. The
stock has gained 7.1 percent this year, making it the tenth-best performer on the benchmark Hang Seng Index, after Mr Li stepped up purchases of the shares to boost his holding.
Bloomberg