CKI eager to enter new industries as profit grows

Cheung Kong Infrastructure says it is still on the prowl for investment opportunities, including those in new industries, as it reported 10.3 per cent growth in interim profit yesterday.

The infrastructure firm, ultimately controlled by Li Ka-shing, made two big acquisitions in the year's first half worth a combined HK$6.6 billion, including its first major waste management project and its first investment in continental Europe.

It paid HK$3.2 billion for waste management firm EnviroWaste in New Zealand and HK$3.4 billion for a 35 per cent stake in AVR, the largest producer in the Netherlands of electricity by burning waste.

"It is the group's plan to continue to grow the business in our portfolio and expand our investments globally and in new industry sectors," chairman Victor Li Tzar-kuoi said in a statement.

CKI posted a net profit of HK$5.17 billion for the year's first six months, up from HK$4.69 billion in the year-earlier period. Turnover, including that of entities jointly controlled with partners, rose 7.8 per cent to HK$3.02 billion.

Net profit of its infrastructure operations in Britain rose 5.2 per cent to HK$2.86 billion, contributing just over half of CKI's net earnings.