Hong Kong Tycoon Li Beats Forecasts As Profits Rise

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.

Li had advocated the UK to stay in Europe.

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.