August 4, 2011 / 8:38 AM / in 7 years

Hutchison H1 profit up over 600 pct, lags forecasts

HONG KONG, Aug 4 (Reuters) - Hutchison Whampoa Ltd , Hong Kong billionaire Li Ka-shing’s flagship ports-to-telecoms company, posted a 632 percent rise in first-half net profit, helped by hefty one-off gain from the spin-off of its port assets, but lagging market forecasts.

Hutchison, whose businesses include telecommunications operator 3 Group and Watsons retail stores, reported a net profit of HK$46.3 billion ($5.95 billion), including a one-off gain of HK$44.3 billion for the first half.

That compared with net profit of HK$6.32 billion for the first half of 2010 and lagged an average forecast of HK$51.2 billion from 10 analysts surveyed by Thomson Reuters.

Hutchison said it booked an exceptional gain of HK$44.29 billion in the first half from the Singapore initial public offering of its southern China ports assets — Hutchison Port Holdings Trust . (Reporting by Donny Kwok; Editing by Charlie Zhu and Chris Lewis)

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