HONG KONG (AP) — Billionaire Li Ka-shing's Hong Kong conglomerate says profit last year fell by about half compared with the previous year, when income was inflated by a huge one-time gain.
Hutchison Whampoa Ltd. said Tuesday that it earned HK$26.1 billion ($3.7 billion) in 2012. That's down from HK$56 billion ($7.2 billion) in 2011 after booking profit from spinning off some port assets.
One-off items aside, recurring profit rose 19 percent at the company, which employs more than a quarter million people in 53 countries. Revenue rose 4 percent to HK$398.4 billion ($51 billion) as various divisions including property, mobile phones and retail posted better results.
Li said that uncertainty remains a "challenge" for 2013 but "major economies are showing signs of stabilization and gradual recovery."
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