Update | Li Ka-shing’s ‘transforming’ CK Property spends US$895m on share buy-backs as interim profits rise 14 per cent
Li Ka-shing’s CK Property toasts 8pc revenue rise to US$3.81 billion for the six months to June 30.
Cheung Kong Property Holdings, controlled by Hong Kong tycoon Li Ka-shing, has reported a 14 per cent increase in core profits for the first half year, driven by strong property sales and gains from its newly acquired businesses in the energy and infrastructure sectors.
Underlying profit, excluding revaluation gains on investment properties, amounted to HK$9.48 billion (US$1.21 billion), or HK$2.52 earnings per share, which beat market consensus expectation of HK$2.42 per share, by 12 per cent, according to analysts polled by Bloomberg.
The group has utilised a total of HK$7 billion (US$895 million) in share buy-backs in the first half to reflect the underlying value of the company, and signify its confidence in its long term growth prospects
Hong Kong’s second-largest developer by market captialisation, CK Property said revenue rose 8 per cent to HK$29.8 billion (US$3.81 billion) for the six months to June 30.
“The group has utilised HK$7 billion (US$895 million) in share buy-backs in the first half to reflect the underlying value of the company, which signifies its confidence in its long term growth prospects,” chairman Li Ka-shing said in the company statement.
In response to the company share buy-backs and dividend payout during the analyst post result meeting on Thursday, vice chairman Victor Li Tzar-kuio reiterated “it is the decision of chairman and not my responsibility”.
Edmond Ip, director of CK Property said Victor Li may be “chairman next year”, raising speculation again that Li senior, who turn 90 next year, will step down then. But a spokesman for CK Property said Ip was just kidding.