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Buoyant Hutchison ready for return to development

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HUTCHISON Whampoa yesterday announced annual profits close to market expectations and said low property prices signalled a return to development for the group.

Net profits at the blue-chip conglomerate in 1994 were $8.02 billion, up 27.3 per cent on $6.30 billion in the previous year.

Analysts had expected profit growth of 28 per cent to $8.09 billion, according to The Estimate Directory, and were pleased by a faster-than-expected growth in dividends.

Dividends grew by 36.8 per cent to 93 cents per share, compared with 68 cents in 1993. Analysts said it was more a return to previous levels than a big boost.

Turnover grew 21.9 per cent to $30.17 billion from $24.75 billion a year ago.

Operating profits were $5.14 billion, up by 5.3 per cent from $4.89 billion. Associated companies contributed $5.01 billion, net of losses - up by 52.74 per cent on $3.28 billion in 1993.

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