Hong Kong's Cheung Kong 2006 net profit up 29 pct, mainly from Hutchison Whampoa |
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Published
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Thu, 22 Mar 2007 07:11
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HONG KONG (XFN-ASIA) - Cheung Kong (Holdings) Ltd reported a 29 pct rise in net profit for 2006 to 18.08 bln hkd from a year earlier, driven mainly by higher contributions from associate Hutchison Whampoa and strong property development income.The earnings were within the forecasts of analysts surveyed by XFN-Asia, which had ranged from 16.86 bln to 18.16 bln hkd.Total revenue for 2006 rose to 15.35 bln hkd from 14.36 bln a year earlier.Cheung Kong said its share of profit from associate Hutchison Whampoa rose 40 pct year-on-year to 10.007 bln hkd from 7.17 bln. Profit before such contribution stood at 8.07 bln hkd, up 18 pct from 6.83 bln hkd a year earlier.Turnover of property sales for the year, including those of jointly controlled entities, was 13.796 bln hkd, up from 12.904 bln hkd.Profit contribution from property sales was also strong at 5.58 bln hkd, up from 3.31 bln a year earlier, the company said.It said it recommended a final dividend of 1.74 hkd a share, up from 1.58 a year earlier.Cheung Kong will provide details of its 2006 performance at a news conference later in the afternoon.(1 usd = 7.8 hkd)roby.lau@xfn.comrl/net
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