Hutchison profit nearly triples on spin-off gains

March 29, 2012
Hong Kong tycoon Li Ka-shing, chairman of Hutchison Whampoa Ltd., and Cheung Kong (Holdings) Ltd., smiles during  his companies' annual results announcement in Hong Kong Thursday, March 29, 2012.  (AP Photo/Kin Cheung)
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Hong Kong tycoon Li Ka-shing, chairman of Hutchison Whampoa Ltd., and Cheung Kong (Holdings) Ltd., smiles during his companies' annual results announcement in Hong Kong Thursday, March 29, 2012. (AP Photo/Kin Cheung)

HONG KONG (AP) — Hong Kong billionaire Li Ka-shing's conglomerate Hutchison Whampoa Ltd. nearly tripled its profit last year, mainly on one-off gains from spinning off port and property assets.

Hutchison said Thursday that 2011 profit soared to 56 billion Hong Kong dollars ($7.2 billion), a 178 percent increase from a revised HK$20.2 billion the year before. Revenue rose 22 percent to HK$387.7 billion, from HK$319 billion in 2010.

The company reaped HK$44.3 billion last year from the sale of its ports unit in the form of a listed business trust in Singapore.

Hutchison operates retail, property, energy, infrastructure and telecom operations in 53 countries. Li said "uncertain economic conditions affected most markets" and "a measure of uncertainty is expected to remain in 2012."