Categorized | Singapore Trading News

Hutchison profit beats forecast as 3G recovers

HONG KONG, March 29 (Reuters) – Hutchison Whampoa Ltd (0013.HK) posted a forecast-beating 47 percent rise in 2010 earnings, driven in part by a turnaround in its long-struggling 3G telecom arm.

Hutchison, billionaire Li Ka-shing’s flagship ports-to- telecoms company, said it would also book a one-off gain of US$5.65 billion in 2011 from listing its port assets — Hutchison Port Holdings Trust HPHT.SI — in Singapore earlier this month.

Third generation (3G) telecom business, which has been losing money over the past decade, will be a profit contributor for the group from 2011, said Canning Fok, managing director of the conglomerate, which also invests in retail, hotels, property, energy and infrastructure sectors across the world.

Chairman Li told reporters that he is upbeat about the group’s overall business prospect.

“All of our existing businesses will see organic growth. I am optimistic in the short, medium and long term,” Li said.

Strong business performance allowed Hutchison to lift its 2010 final dividend by 16 percent, the first increase in 10 years, to HK$1.41 per share.


The 3G arm had been a drag on Hutchison’s overall business performance and its stock prices for much of the past decade

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