Cheung Kong’s Profit Without Unit Rises on Rental Income Boost
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Cheung Kong Holdings Ltd., the builder controlled by Asia’s richest man, said 2012 profit excluding contributions from unit Hutchison Whampoa Ltd. rose 6 percent as rental income growth offset a decline in home sales.
Profit excluding Hutchison increased to HK$19.1 billion ($2.5 billion) from HK$18.1 billion a year earlier, Cheung Kong said in a statement filed to Hong Kong’s stock exchange. Net income fell 30 percent to HK$32.2 billion, beating the HK$25.7 billion average estimate of 11 analysts surveyed by Bloomberg.