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CK Hutchison Reports Softer Results, Dollar Bonds Trade Weaker
March 21, 2025
CK Hutchison (CK Hutch) reported weaker-than-expected profits and warned of a worsening global business environment due to geopolitical and trade tensions. The Hong Kong conglomerate saw a 27% decline in net income to HKD 17.1bn ($2.2bn) for 2024, missing analyst expectations of HKD 22.5bn ($2.89bn). Revenue rose slightly to HKD 476.7bn ($61.3bn). Its full-year dividend dropped to HK$2.2/share. The company, led by Victor Li, faces uncertainty over its $19bn ports sale to a BlackRock-led consortium. This has seen Beijing react negatively, especially after increase in tensions with the new US administration. Chinese authorities are reviewing the deal for security and antitrust concerns. In response to economic volatility, CK Hutch plans to curb capital spending, boost productivity, and cut costs. Due to criticism over the port deal, the company will not be holding its regular earnings call, as reported earlier this week.
Its dollar bond traded weaker by 0.1-0.2 points with its 5.375% 2029s down at 102.8, yielding 4.6%
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