March 26, 2013 / 8:31 AM / in 5 years

Cheung Kong 2012 profit down by a third, first decline since 2008

HONG KONG, March 26 (Reuters) - Cheung Kong (Holdings) Ltd , Hong Kong’s second largest property developer, posted a 30 percent fall in 2012 net profit, logging its first annual decline since 2008 due to fewer project launches during the year amid government tightening measures.

Net profit for the year totalled HK$32.2 billion ($4.1 billion), down from HK$46.06 billion in 2011.

Analysts had expected net income of HK$23.66 billion for the year, according to Thomson Reuters StarMine, based on the mean estimate of 10 analysts.

Cheung Kong, owned by Asia’s richest man Li Ka-shing, posted earnings per share of HK$13.88 for the year, it said in a filing on the Hong Kong stock exchange on Tuesday.

The company proposed a final dividend of HK$2.63 per share. (Reporting By Yimou Lee; Editing by Jeremy Laurence)

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