Hutchison H1 net profit up 53%

Hutchison Whampoa Ltd has reported that its unaudited results for the six months to June 30 show that profit attributable to shareholders rose 53 per cent over the first half of last year to HK$28.76 billion (US$3.68 billion).

This result includes a profit on revaluation of investment properties of HK$767 million and a profit on disposal of investments of HK$35.02 billion being the group's share of Hutchison Telecommunications International's gain on disposal of its mobile business in India. This was partially offset by a one-time charge of HK$800 million relating to the disposal of a toll road infrastructure project in China.

The group's total revenue grew 14 per cent year on year to HK$141.52 billion.

Meanwhile, the conglomerate's ports and related services division continued to grow steadily, a company statement said. Total revenue for this division increased 16 per cent over the first half of 2006 to HK$17.76 billion.

Total throughput amounted to 31.5 million TEU, up 14 per cent compared with the same period last year. Major contributors to throughput growth were Yantian port, up 14 per cent; Kwai Tsing terminals in Hong Kong, up 11 per cent; the Shanghai area ports container terminals, up 10 per cent; Europe Container Terminals in Rotterdam, up 12 per cent; and Jakarta port container terminals, up 17 per cent.

The ports and related services unit's EBIT increased 10 per cent year on year to HK$5.76 billion.

During the period, the division continued to expand its existing facilities in Yantian, Gaolan in Zhuhai, Rotterdam and Panama. Construction and improvement of newly acquired facilities in Spain, Ecuador, Vietnam and Oman "also progressed satisfactorily".

Currently, the maritime subsidiary has interests in 45 ports, comprising 257 berths in 23 countries.