HONG KONG: Hong Kong billionaire Li Ka-shing's Hutchison Whampoa said Tuesday its profit jumped 47 percent in 2010, after a turnaround in its loss-making 3G telecom operations.
The port-to-telecoms conglomerate said in a statement to the city's stock exchange that its net profit climbed to HK$20.04 billion (US$2.57 billion), from HK$13.63 billion a year ago.
The result beat the average forecast for a net profit of HK$16.53 billion in a poll of four analysts by Dow Jones Newswires.
The group's total revenue grew 8.0 percent to HK$325.9 billion last year.
Li, who earned the nickname "Superman" for his long-running business success, said he was "optimistic and confident" on the group's future prospects following the turnaround while the city's economy is expected to improve.
"I am very optimistic on the short, medium and long term outlook," Li, who is Hong Kong's richest man, told a news conference.
"We have high confidence and people know I never say something I am not confident. All of our existing businesses will see organic growth," he said, adding that he was upbeat its 3G operations will generate profits from now on.
Losses in Hutchison's third-generation technology operations have dragged down earnings since 2003.
The company was one of the world's first to introduce 3G mobile business and has operations in Italy, Britain, Ireland, Australia, Sweden, Denmark and Austria.
The firm said its 3G business turned profitable in the second half of 2010, and registered a 13 percent expansion of customer base to 29.6 million users, mainly due to enhanced supply of quality smartphones.
"From 2011, it will be a contributor in our profit instead of pulling us back," said the firm's managing director Canning Fok.
Hutchison said the company's last year results were also boosted by across the company expansion, with growth from its hotel, property, infrastructure, telecom and retail businesses.
The firm raised its full-year dividend 11 percent to HK$1.92 per share.
Li said Hutchison "performed well" despite the challenging conditions posed by the global financial crisis.
"The group will continue to increase its investments around the world," said the tycoon, adding that he expects there will be "varying degrees of growth" among the firm's operations in 52 countries.
Hutchison's parent company Cheung Kong meanwhile reported profit rose 35 percent to HK$26.48 billion, from HK$19.62 billion a year earlier.
The 82-year-old Li was ranked as the 11th wealthiest person in the world by the Forbes magazine rich list, with a net worth estimated at US$26 billion.
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