Cheung Kong (Holdings) net profit up 59% to HK$21b

HONG KONG - The net profit for Cheung Kong (Holdings) Limited, a conglomerate run by billionaire Li Ka-shing, rose 59.1 percent year-on-year to HK$21.3 billion ($2.75 billion) for the first half of this year, the company announced on Thursday.

The turnover was HK$14.7 billion, up 0.65 percent from a year earlier. For the first six months, turnover of property sales including share of property sales of joint ventures was HK$12.5 billion, up 1.6 percent year-on-year.

The economic activity in the US and Eurozone area continued to pick up at slow but steady pace during the first half of 2014. Nevertheless, global growth remained subdued in the face of various market uncertainties, the company said, reviewing its operating performance.

Despite moderating performances in the first half year, the economy of Chinese mainland is still in good shape as a whole. The central government's focus is on targeted control measures to ensure a moderate to high pace of growth while continuing its economic restructuring, Li Ka-shing, Chairman of the group said.

China is expected to maintain GDP growth of around 7.5 percent in 2014, the only nation registering such a high growth rate among major economies, Li added.

Shares of Cheung Kong (Holdings) rose 0.2 percent to end at HK$150.70 on Thursday.

Top 10 wealthiest people of Chinese origin	Infographic: China's economic performance in H1, 2014