CK Hutchison Holdings Limited has reported a sharp 92% drop in profit attributable to shareholders, landing at HK$852 million. The decline is primarily due to a non-cash loss stemming from the merger of its telecommunications division with Vodafone Group Plc.
Despite a 3% year-on-year (YoY) increase in total revenue to HK$240.663 billion, the group’s overall profit plummeted 67% to HK$4.4 billion, as highlighted in its interim financial report released Thursday. The failed merger activity was cited as a key factor behind the profit slump.
On a brighter note, the group announced an interim dividend of HK$0.710 per share, up from HK$0.688 per share during the same period last year. Revenue from its ports and related services segment saw a 9% boost, driven by increased factory throughput in mainland China, Asia, and the Middle East, fueled by tariff-induced stockpiling.
However, challenges persist in the Hong Kong office leasing market. Cheung Kong Holdings’ newly constructed central office tower, Cheung Kong Center Phase II, remains unsold, reflecting the sector’s ongoing weakness.
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