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Hutchison Whampoa 1H net profit drops 63 percent

Hutchison Whampoa 1H net profit drops 63 percent

Hong Kong tycoon Li Ka-shing's conglomerate Hutchison Whampoa Ltd. said Thursday that its net profit dropped 63 percent in the first half of the year due to lower gains from selling assets.
Net income for the six months ended June 30 was 10.69 billion Hong Kong dollars (US$1.37 billion) compared with HK$28.76 billion in the same period last year, the company said in a statement to the Hong Kong stock exchange.
Revenue climbed 24 percent to HK$176.2 billion (US$22.6 billion).
Many analysts had forecast earnings below HK$10 billion. The sprawling conglomerate runs retail, property, energy, infrastructure and telecom businesses.
The half-year drop was largely because of a disposable gain of HK$35.82 billion (US$4.6 billion) it booked in the year-earlier period after its telecom unit, Hutchison Telecommunications International Ltd., sold off Indian mobile phone assets.
Shares of Hutchison, off more than 19 percent for the year, were down 1.5 percent at HK$70.4 in trading Thursday afternoon.