Hutchison Whampoa, a ports-to-telecom conglomerate controlled by Hong Kong billionaire Li Ka- shing, said on Tuesday its net profit in 2010 jumped 47 percent year on year to 20.04 billion HK dollars (2.57 billion U.S. dollars).
The figure was higher than the average net profit forecast of 16 billion HK dollars by analysts, as earnings from Hutchison's port, property and retail operations grew.
For the first time since its introduction in 2003, Hutchison's third generation (3G) mobile phone business saw an end to losses, with an earning of 2.93 billion HK dollars in the past year, a 133 percent turnaround from a loss of 8.92 billion HK dollars in 2009.
The 3G telecom operations, which have racked up losses of 158 billion HK dollars since 2003, have once cast a gloom over Li's widely admired deal-making ability.
Li said in a statement filed with the Hong Kong Stock Exchange in the day that with the completion of the investment phase of the 3G business, running under the brand of 3 Group, the business has entered a new era, with 3 Group no longer being a drag on profits but a positive contribution.
"The established businesses are expected to continue their strong growth and generate strong profits as well as harvest surplus cash," the 82-year-old man said.
Hutchison also said in the statement its total revenue gained 8 percent year on year in 2010 to 325.92 billion HK dollars, and its pre-tax earning jumped 50 percent to 42.14 billion HK dollars.
Hutchison is an international corporation with a diverse array of holding which includes the world's leading port operation in 51 ports worldwide and telecom operation in 11 countries and regions. Its business also includes retail, property development and infrastructure.
In its annual report, Hutchison declared a full year dividend of 1.92 HK dollars per share, up 11 percent from 2009, also an increase for the first time in ten years.
Hutchison's market value stood at 378.55 billion HK dollars with its shares closing at 88.8 HK dollars, down 2.09 percent. The company's HK-listed shares soared nearly 70 percent since last August after Li said he would increase shareholders' dividends once 3G businesses stopped "bleeding".
Also in the day, Cheung Kong Holdings, Li Ka-shing's property flagship, reported its net profit in 2010 rose 35 percent from a year ago to 26.48 billion HK dollars, while its annual turnover totaled 32.86 billion HK dollars, up 35 percent year on year.
In 2010, the group recorded a satisfactory increase in contributions from property sales and property rental, said Li.
"We will continue to strengthen our market presence and revenue base through a steady provision of diversified, high quality properties to meet market demand," he added.
Cheung Kong Holdings' shares ended at 122.5 HK dollars, up 0.49 percent, with a total market value of 283.71 billion HK dollars.
