Cheung Kong Infrastructure (CKI) has seen profit grow by less than 3 per cent for the second consecutive year due to a big mainland provision and an absence of acquisitions.
The blue-chip infrastructure company reported a 2.94 per cent rise in net profit to HK$3.32 billion last year after a 2.76 per cent rise in 2000.
The Hutchison Whampoa subsidiary failed to make any major overseas acquisitions last year after sinking about HK$25 billion into three Australian power projects in 2000.
Chairman Victor Li Tzar-kuoi said: 'I think we are considered very competitive in the international arena because of our solid financial position. We are often shortlisted to be the final three, but winning [by making higher bids] serves no good to the company.'
Mr Li said CKI had achieved a better return from investing overseas than from the mainland in recent years.
For instance, it aimed to generate a 'mid-teens' return - and more than 20 per cent should it choose bank financing - from building the Sydney Cross City Tunnel, subject to final approval by the Australian Government.
Mr Li said the company was interested in bidding for the Sydney Airport project this year but declined to comment on whether it was bidding for Britain's Wessex Water or Seeboard Power Plant.