CK Hutchison first-half profit drops 92% on one-off costs of UK Vodafone-Three merger
Li Ka-shing , posted a 92 per cent plunge in its interim profits, as various one-off costs amounting to HK$10.47 billion (US$1.3 billion) weighed on its performance, according to a stock exchange filing on Thursday.
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The company, which operates businesses in ports, retail, telecommunications and energy, recorded a net profit of HK$852 million (US$109 million) in the six months ended June, compared with HK$10.2 billion a year earlier. Earnings per share fell 92 per cent to 22 HK cents from HK$2.66 a year earlier.
The profit drop was mainly due to a one-time non-cash loss of HK$10.47 billion from the completion of the UK merger of Three UK with Vodafone, the filing said.
Underlying net profit excluding one-off items rose 11 per cent from a year earlier to HK$11.36 billion on growth in the company's ports and global retail businesses.
Total revenue also improved by 3 per cent to HK$240.66 billion in the first half.
Victor Li Tzar-kuoi, chairman of CK Asset and CK Hutchison. Photo: Handout
'Economic conditions in the first half of 2025 were challenging as geopolitical and trade tensions continued to escalate,' said Victor Li Tzar-kuoi, chairman of CK Hutchison, in the results statement. 'These had mixed impacts on the group, with currency volatility generally favourable and commodity price volatility generally unfavourable to our results.'
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