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Cheung Kong posts 54% plunge in H1 profit

Aug. 3, 2012 (China Knowledge) - Cheung Kong (Holdings) Ltd<0001>, a real estate developer controlled by Hong Kong business tycoon Li Ka-shing, announced yesterday that its net profit plunged 54% YoY to HK$15.46 billion in the first half of this year, due in part to lower profit from property sales.

The developer declared an interim dividend of HK$0.53 per share, the same as last year.

Earnings contributed by Hutchison Whampoa Ltd<0013>, 49.97%-held by Cheung Kong, reached HK$5.10 billion in the six-month period, up 12% YoY.

Excluding Hutchison's contribution, the company's profit climbed 2% YoY to HK$10.36 billion in H1.

Cheung Kong realized HK$17.72 billion in revenue in the first six months, 32% less than in the corresponding period of 2011.

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