Cheung Kong Infrastructure's profits hit record high at HK$9.4b

Check out what boosted its growth.

Cheung Kong Infrastructure Holdings has announced its financial results for full year ended December 2012. Its profits grew 22% to HK$9.4b--a record high since its listing in 1996.

UK Power Networks, which is CKI’s largest investment overseas, continued to deliver good returns. The profit contribution from this business was HK$3,534 million, an increase of 24% over last year.

2012 marked the first full year of profit contribution from Northumbrian Water. Its contribution of HK$1,153 million for the year fully met our forecast. Northern Gas Networks reported good results, generating profit contribution of HK$794 million, an increase of 26% over last year.

Seabank Power also saw growth in profit contribution, reaching HK$131 million from HK$81 million in 2011.

In October 2012, the CKI-led consortium completed the acquisition of Wales & West Utilities. The two months of performance reported by this business since the completion was satisfactory and in line with CKI’s acquisition model.

However, due to a non-cash mark-to-market impact on derivative instruments arising from the inherited financing structure, CKI reported an accounting loss of HK$117 million for Wales & West Utilities.

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