CK Hutchison Executive Defends Delay in Panama Ports Deal
CK Hutchison Holdings faces a 92% interim profit drop due to HK$10.47 billion one-off costs linked to a delayed US$23 billion sale of 43 overseas ports, including Panama Canal sites.
- On Aug 14, CK Hutchison Holdings revealed a 92 per cent plunge in interim profit due to HK$10.47 billion in one-off costs, and its US$23 billion ports sale will not be completed this year.
- Amid Beijing's regulatory scrutiny, CK Hutchison said on July 28 it was in talks to include a Chinese major strategic investor in the ports bid.
- Despite sale delays, the port business delivered stronger earnings and cash flow this year, as CK Hutchison Holdings reported an 11% rise in underlying profit to HK$11.3 billion.
- Shares recovered to US$6.6 on Thursday, up nearly 40 percent from their April low, despite 12-month forward EPS forecasts sinking to their lowest since 2009.
- Given the deal's size and complexity, closing would not occur this year, and street analysts say progress has been pushed to next year, Sixt stated.
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CK Hutchison executive defends delay in Panama ports deal
HONG KONG: A top executive at CK Hutchison on Thursday (Aug 14) brushed off the delay in offloading its Panama Canal ports as "not particularly troublesome", as the Hong Kong conglomer
·Singapore
Read Full ArticleLi Ka-shing’s CK Hutchison Profit Slumps as Port Sale Drags
CK Hutchison Holdings Ltd.’s profit fell more than 90% for the first half of the year, as the Hong Kong conglomerate braves geopolitical headwinds and seeks to complete a controversial deal to sell its overseas ports business.
·United States
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Total News Sources13
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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