August 2, 2018 / 8:54 AM / 4 months ago

Hong Kong developer CK Asset's H1 net profit rises 65 pct

HONG KONG, Aug 2 (Reuters) - Hong Kong property developer CK Asset Holdings Ltd on Thursday reported a 65.3 percent rise in first-half net profit, thanks to steady income from newly acquired businesses and gains from commercial property sales.

The company has “a cautiously optimistic outlook” for the second half of the year, citing concerns over escalating international trade tensions and an unclear Brexit outcome.

In its first earnings release since its founder, billionaire Li Ka-shing, handed over the reins of his business empire to his son Victor Li in May, CK Asset posted a net profit of HK$24.7 billion ($3.15 billion) for the six months ended June, compared with a revised HK$14.98 billion a year ago.

The company, which also has interests in aircraft leasing, infrastructure and utility assets, said total revenue fell to HK$24.1 billion from HK$29.9 billion in the first half of 2017.

Li Ka-shing, 90, Hong Kong’s richest man, announced his retirement in March and officially stepped down in May, taking the role of senior advisor in both CK Asset and sister conglomerate CK Hutchison. ($1 = 7.8490 Hong Kong dollars) (Reporting by Venus Wu Editing by Manolo Serapio Jr.)

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