Ka-shing’s 2 biggest firms post higher earnings
HONG KONG: Billionaire Li Kashing’s two biggest companies reported higher earnings during the first half, helped by gains from his telecommunications business in Europe and booming home sales in Hong Kong.
Flagship CK Hutchison Holdings Ltd, whose businesses range from phone services to retail and utilities, reported on Thursday net income rose seven per cent to HK$15.9 billion (US$2 billion).
Meanwhile, at Cheung Kong Property Holdings Ltd, underlying profit climbed 14 per cent to HK$9.5 billion.
The results show Hong Kong’s richest man benefiting from a pickup in the European economy and rising property sales at home.
The tycoon said he was “cautiously” optimistic about the future amid persisting geopolitical risks and renewed uncertainty on commodity prices. Bloomberg