• Tue
  • Sep 30, 2014
  • Updated: 6:25pm

Cheung Kong Holdings

Hutchison Whampoa, one of Hong Kong’s largest listed companies, is controlled by  Cheung Kong Group, a property company. Hutchison's operations span ports, property and hotels, retailing, power generation and telecommunications. It owns Cheung Kong Infrastructure, and  is headed by Li Ka-shing, Asia’s wealthiest man. 

Husky dives despite surging oil prices

PUBLISHED : Friday, 20 August, 2004, 12:00am
UPDATED : Friday, 20 August, 2004, 12:00am

Despite a surge in oil prices, Husky Energy posted a 38.9 per cent decline in first-half profit after locking in sales contracts at much lower prices last year. Hutchison Whampoa chairman Li Ka-shing, whose company owns a 35 per cent stake in Husky, said: 'The oil-price trend is something even the world's experts can't guess accurately. If I could predict it, I'd be the richest man in the world.'

Husky recorded a net profit of $1.25 billion in the first half of the year, down from $2.05 billion in the same period last year, despite turnover rising 16.9 per cent year on year to $8.9 billion.

He said Husky had huge upside potential with oil sand reserves, booked at zero value in its accounts, that could yield billions of barrels of oil and last for more than 50 years.


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