HK Tycoon Li Ka-shing's CK Hutchison reports net profit down 8 pct in 2015

CK Hutchison Holdings Limited, the conglomerate controlled by Hong Kong tycoon Li Ka-shing, said on Thursday that its 2015 net profit fell 8 percent to 31.17 billion HK dollars (about 4.02 billion U.S. dollars).

This is CK Hutchison's first annual results after it underwent its biggest-ever re-organization last year.

CK Hutchison made 31.17 billion HK dollars in 2015, down from 33.7 billion HK dollars in 2014. Total revenue also fell 2 percent to nearly 400 billion HK dollars.

As for Cheung Kong Property Holdings Limited, it made 17.1 billion HK dollars last year, up 0.2 percent from 2014.

Talking about Hong Kong's economy, Li, chairman of CK Hutchison and Cheung Kong Property, said at the press conference that this year is the worst in the past 20 years, when no industry is doing well, adding local retail and property selling are worse than the days of SARS outbreak in 2003.

Li urged people not to harm Hong Kong for the sake of its stability and prosperity, when responding to questions about the Mong Kok violence happened during the Chinese New Year.

As for the Chinese mainland's economy, Li said it has grown rapidly in the past, and now there is no other countries attaining an economic growth of 6.5 percent, and it is rare to see China attaining this target. He agreed that the well-being of mainland people has improved greatly.

When asked when to retire, the 88-year-old said he can retire at anytime as the conglomerate is operating well with the help of his eldest son Victor Li and the management team. Li said, however, this is not a good timing to do so when Hong Kong's economy is not rosy. Endit