CK Infrastructure profit rises in "steady performance"

(Alliance News) - CK Infrastructure Holdings Ltd on Wednesday declared an increased dividend for its first half year, but noted macroeconomic "challenges and risks" in its outlook.

The Hong Kong-based infrastructure investor, part of the CK Hutchison Holdings Ltd conglomerate, reported HKD4.62 billion, or GBP474.5 million, in pretax profit for the six months ended June 30. This was up 0.9% from HKD4.58 billion the year before.

Meanwhile, turnover increased 6.6% to HKD20.36 billion from HKD19.10 billion.

CK Infrastructure's share of results of associates increased 2.3% to HKD1.38 billion from HKD1.35 billion, and the share of results of joint ventures increased 16% to HKD3.03 billion from HKD2.63 billion.

The company declared an interim dividend of 73 cents per share for the period, up 1.4% from 72 cents the prior year.

"The group's financial position also continues to be strong, which not only reinforces CKI's resilience amidst global volatility but also provides agility to pursue growth opportunities," Chair Victor Li said.

Its net assets came to HKD135.24 billion as of June 30, up from HKD131.24 billion at December 31.

Going forward, Li added: "Global geopolitical tension and economic uncertainty prevail, posing challenges and risks for many industries around the world...Despite headwinds in the macro environment, there are growth and expansion opportunities.

"Across markets, a combination of factors - including constrained public budgets, tightened liquidity, rising capital costs, as well as the need to modernise infrastructure to enhance efficiency, support urbanisation and advance towards decarbonisation and green targets - have strengthened the competitive edge of infrastructure players, like CKI, with strong balance sheets and proven track records."

CK Infrastructure also said it is "in a unique position to forge acquisition opportunities". Back in February, Bloomberg reported that the firm had made a GBP7 million bid for a majority stake in troubled utility provider Thames Water.

Shares in CK Infrastructure were 1.9% lower at 512.00 pence on Wednesday in London.

By Emma Curzon, Alliance News reporter

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