Billionaire Li Ka-shing, chairman of CK Hutchison Holdings Ltd and Cheung Kong Property Holdings Ltd speaks during a news conference in Hong Kong, March 22, 2017. CK Hutchison Holdings Ltd said it expects lower one-off gains to affect its profit in 2023 after posting a 9.5 percent rise in 2022 net profit, helped by a big one-off gain. (PHOTO / VCG)
HONG KONG – CK Hutchison Holdings Ltd, the ports-to-telecoms conglomerate owned by billionaire Li Ka-shing, said it expects lower one-off gains to affect its profit this year after posting a 9.5 percent rise in 2022 net profit, helped by a big one-off gain.
The Hong Kong group said in a stock market filing that it had a net gain of over HK$10 billion ($1.3 billion) last year from mergers and acquisition transactions.
CK Hutchison said net profit last year rose to HK$36.7 billion, beating a SmartEstimate forecast of HK$33.5 billion, thanks to improvements in the ports division, steady performance of its infrastructure businesses and the one-off gain
"As one-off gains of similar magnitude may not materialize and, coupled with the numerous headwinds and externalities… its reported results in 2023 are expected to be affected," the filing said.
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CK Hutchison said net profit last year rose to HK$36.7 billion, beating a SmartEstimate forecast of HK$33.5 billion, thanks to improvements in the ports division, steady performance of its infrastructure businesses and the one-off gain.
Sister company CK Asset, a major property developer in Hong Kong which also has interests in infrastructure and utility assets overseas, said net profit during the period gained 3.6 percent to HK$21.7 billion.
Analysts had forecast a HK$21.8 billion net profit, according to SmartEstimate.
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Shares in CK Hutchison ended down 2.3 percent on Thursday ahead of the results, while CK Asset eased 1.9 percent. The Hang Seng Index dropped 1.7 percent.