CK Hutch and CK Asset reported a rise in profits during the first half of the year. CK Hutch posted a 41% YoY rise in net profits to HK$18bn ($2.3bn) helped by recoveries in ports and retail revenues, up 24% and in energy following its merger with Cenovus Energy. CK Asset, the property developer sister company posted a 31% YoY jump in net profits to HK$8.4bn ($1.1bn).“The group should be able to continue on its current growth trajectory and expects to deliver a solid performance for the full year in 2021,” CK Hutch’s Chairman, Victor Li said. CK Hutch declared an interim dividend of HK$0.8/share, up 30% YoY and CK Asset’s at HK$0.41/share, up 20.6% YoY.
CK Hutch’s bonds were slightly lower with its 3.375% 2050s down 1 point to 110.3, yielding 2.84%. CK Asset’s bonds were flat with its 3.5% Perps at 97.5, yielding 4.6%.
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