Hutchison Whampoa profit up despite downturn
The Hutchison Whampoa Group said it had net profit of 14.2 billion Hong Kong dollars, ($1.8 billion) in 2009, a 12 percent increase over the prior year, despite lower revenue.
The conglomerate said revenue was off 14 percent to HK$300.5 billion ($38.7 billion).
The company said its port division “faced a very difficult year in 2009,” with revenue falling 16 percent to HK$33.4 billion ($4.3 billion) due to lower global trade volume and lower average tariffs. The port division's throughput dipped 3 percent to 65.3 million TEUs.
Although the company said results benefited from cost initiatives implemented in the first half of the year, the port division's earnings before interest expense and taxation decreased 21 percent to HK$10.4 billion ($1.3 billion).
In addition to ports, the Hong Kong-based conglomerate has interests in property and hotels, retail, energy, infrastructure, investments and telecommunications.