CK Hutchison's profit fell 92%

Port revenue rose, but was dragged down by failed merger activity.

CK Hutchison Holdings Limited reported its profit attributable to shareholders fell 92% to HK$852m, attributed to a non-cash loss from the merger of its telecommunications arm with Vodafone Group Plc.

Its total revenue stood at HK$240.663b, a 3% increase year on year (YoY), but profit plunged 67% to HK$4.4b due to failed merger activity, said the group’s interim financial report released on Thursday.

The group declared an interim dividend of HK$0.710 per share, up from HK$0.688 per share in the same period last year.

Revenue from the ports and related services business grew 9%, driven by increased factory throughput in mainland China, Asia, and the Middle East due to tariff-induced stockpiling.

Meanwhile, Cheung Kong Holdings' newly constructed central office tower, Cheung Kong Center Phase II, remains unsold due to the weak Hong Kong office leasing market.