Li Ka-shing’s CK Hutchison sees first profit drop since 2015


Source: theedgemarkets.com theedgemarkets.com

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- A + A (March 18): CK Hutchison Holdings Ltd posted its first annual profit decline since 2015, as the flagship firm of Hong Kong billionaire Li Ka-shing got battered by the coronavirus pandemic. It reported a 27% fall in net income of HK$29.1 billion (US$3.8 billion), compared with HK$39.8 billion in 2019, according to an exchange filing Thursday. The profit was in line with the average analyst estimate of HK$29.4 billion. Total revenue fell 8% to HK$403.85 billion. The CK Group, founded by Li, has businesses spanning ports, retail, telecommunications and property, and expects to rebound in 2021. It...