UPDATE 1-CK Hutchison's H1 profit meets estimates, expects stable returns in Europe

Thu Aug 11, 2016 6:01am EDT
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* Net HK$14.92 bln vs HK$14.46 bln year earlier

* Says Brexit brings challenges for UK, Europe over next few years

* "Cautiously optimistic" over group's prospects -chairman (Adds company, analyst comments, shares, context)

HONG KONG, Aug 11 (Reuters) - CK Hutchison Holdings Ltd , controlled by Asia's richest man, Li Ka-shing, on Thursday said first-half net profit rose 3 percent as strength in infrastructure, telecoms and retail offset reduced profitability at unit Husky Energy Inc.

January-June profit reached HK$14.92 billion ($1.92 billion), in line with the HK$14.7 billion average of four estimates from analysts polled by Reuters.

Revenue fell 8 percent to HK$180.51 billion.

The conglomerate said it faced challenges such as low oil and gas prices, adverse foreign currency movement and general global market uncertainty and volatility.

"I am cautiously optimistic in the group's future prospects," Chairman Li said in a statement.

CK Hutchison has significant investments in Britain and the European Union (EU). In June, after Britain voted to leave the EU, the conglomerate said it was confident its British business would continue to thrive.   Continued...