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Hutchison Whampoa's H1 net profit down 78%

Aug. 3, 2012 (China Knowledge) - Hutchison Whampoa Ltd<0013>, the ports-to-telecom conglomerate controlled by Hong Kong business giant Li Ka-shing, announced yesterday that its net profit plunged 78% YoY to HK$10.21 billion in the first half of this year, due to a high comparison boosted by a large one-off gain from the spinoff of its deep-water port assets in Hong Kong and China.

In H1 of 2011, the company recorded a one-time gain of HK$37.18 billion from the spinoff.

Excluding one-off gains, Hutchison Whampoa's underlying profit grew 13% YoY to HK$9.8 billion in the first six months.

The company saw its revenue rise 6% YoY to HK$194.99 billion in the six-month period.

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