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Bond Market News
CK Hutch’s EPS Plunges 92%, Delays $23bn Global Ports Sale Until 2026
August 15, 2025
CK Hutchison’s reported that its EPS fell 92% YoY to HKD 0.22 ($0.03), primarily on account of a one-time non-cash loss of HKD 10.47bn ($1.34bn) from the completion of the merger of its telecommunications arm with Vodafone Group Plc. Underlying net profit excluding one-off items rose 11% YoY to HKD 11.36bn ($1.45bn) on growth in the company’s ports and global retail businesses. Total revenue also improved by 3% in the first half. Chairman Victor Li said “Geopolitical uncertainty is likely to remain elevated” and the global economic outlook will continue to be uncertain and unpredictable.
Also in the results post-briefing, group co-managing director Frank Sixt said CK Hutch’s $23bn deal to sell 43 overseas ports, including two ports at the Panama Canal, will not be completed this year. The ports division’s EBITDA grew 9% YoY to HKD 10.13bn ($1.3bn), as front-loading demand ahead of trade tariffs drove growth, including higher storage income. After the deadline for exclusive talks on the deal expired last month, it unveiled a plan to invite a mainland firm to join the consortium behind the deal. In addition, Panama has taken legal action to nullify CK Hutch’s ports contracts, with the country’s leader also suggesting the operations could be taken over by state partnerships.
CK Hutch’s dollar bonds were trading stable with its 5.5% 2034s at 103.88, yielding 4.93%.
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