March 21, 2019 / 9:05 AM / 6 months ago

CK Hutchison full-year profit rises 11 percent, in line with forecasts

FILE PHOTO: The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip/File Photo

HONG KONG (Reuters) - CK Hutchison Holdings Ltd, the ports-to-telecoms arm of retired billionaire Li Ka-shing, on Thursday posted an 11 percent rise in full-year profit, as stable growth in retail, telecommunications, infrastructure and ports businesses helped offset currency headwinds.

Profit for 2018 rose to HK$39 billion ($4.97 billion), its highest since 2015, from HK$35.1 billion a year earlier.

That matched a forecast average of HK$38.2 billion profit by 10 analysts, according to estimates compiled by Refinitiv.

Total revenue rose 9 percent to HK$453.2 billion. It declared a final dividend of HK$2.3 per share, compared with HK$2.07 per share a year ago. The total dividend amounted to HK$3.17 per share, up 11 percent from a year ago.

Shares of CK Hutchison ended down 1.1 percent on Thursday ahead of the results.

Hong Kong’s richest man, Li Ka-shing, announced in March last year his retirement as chairman of CK Hutchison and real estate arm CK Asset. Li retired after the annual general meeting on May 10, passing the mantle to his eldest son Victor Li, who was named successor several years ago.

Last month, its Canadian oil and gas producing arm Husky Energy Inc posted a 68 percent drop in quarterly profit and said 2019 production could be lower than it had expected amid mandatory output cuts imposed by Alberta government.

Reporting by Donny Kwok; Editing by Gopakumar Warrier

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