Hong Kong property giant Cheung Kong (長江實業) yesterday reported its net profit for the first half of the year plunged 35 percent to HK$12.02 billion (US$1.54 billion).
The profit figure for the firm headed by tycoon Li Ka-shing (李嘉誠) was down from HK$18.54 billion a year ago, as a result of a lower contribution from affiliate Hutchison Whampoa (和記黃埔).
The company’s revenue more than doubled to HK$12.44 billion from HK$5.36 billion a year ago.
Cheung Kong’s profit before the contribution from telecom-to-ports conglomerate Hutchison Whampoa was HK$6.68 billion, up 60 percent from a year ago.
Hutchinson’s contribution fell 63 percent to HK$5.34 billion.
Property sales jumped to HK$5.25 billion from HK$1.80 billion a year earlier, as the company sold the remaining units of four complete projects in Hong Kong.
The company said it planned to book sales for residential units in several new developments in Hong Kong and mainland China, including The Capitol (首都), one of its biggest developments to be brought to the market this year.
Li said in a statement the company would find support from the potential for growth in China, despite the global economic slowdown.
“Hong Kong’s economy will inevitably be affected by the fallout from a possible global slowdown, but the impact is likely to be moderated by the favourable support from the mainland’s solid sustainable development,” he said.
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