Cheung Kong H1 Net Profit Down 54%

Cheung Kong (Holdings) Ltd CHEUY reported a 54% drop in its first-half net profit. Cheung Kong's net profit for the period declined to HK$15.46 billion (US$1.99 billion), versus HK$33.26 billion, in the year-ago period. Its revenue dropped 32% to HK$17.72 billion from HK$26.10 billion. Excluding Hutchison's contribution, the company's profit came in at HK$10.36 billion. Cheung Kong shares closed at $13.20 yesterday.