Hong Kong Tycoon Li Beats Forecasts As Profits Rise
Faizan Hashmi Published August 11, 2016 | 04:03 PM
HONG KONG, (UrduPoint / Pakistan Point News - 11th Augst,2016) - Billionaire Hong Kong businessman Li Ka-shing Thursday saw profits up in the first half of 2016, beating analysts' expectations, with a major boost coming from his European and Asian telecoms operations. But the 88-year-old tycoon warned of "considerable challenges" after Britain voted to leave the European Union.
His flagship company CK Hutchison Holdings counts Britain as its biggest earnings contributor, with telecoms outfit 3 Group Europe now a major force -- it had 26.8 million active customers by the end of June, the firm said in a statement Thursday. Despite post-Brexit uncertainty, Li reassured his operations in both the UK and Europe were resilient, and expected to yield "stable and reasonable" returns. "The key fundamentals of the group as a whole remain solid," said Li in a statement.