Profits plunge at Li Ka-shing’s flagships Hutchison and CK Asset as they run aground after 12 full months of the coronavirus pandemic

CK Hutchison Holdings and CK Asset Holdings, the listed flagships of billionaire Li Ka-shing, reported sharply lower annual profits as economic disruptions caused by the coronavirus pandemic took a toll on their retail, ports, hotel and property operations.

CK Hutchison, the conglomerate with businesses spanning from container ports, retailing to telecommunications and energy, said net profit fell 27 per cent to HK$29.1 billion (US$3.7 billion) for 2020. It was the first profit decline since its restructuring in 2015, as Europe, from where it derived 78 per cent of its operating profit last year, saw steep economic decline.