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Hutchison Whampoa results further founder's acquisition ambitions

Hutchison Whampoa, the Hong Kong-based company controlled by Li Ka-shing, announced better than expected results for the first half of 2010 on the back of growth in its ports, property and retail businesses and smaller than predicted losses in its mobile phone operations.
 
The group's profits were up 12% to HK$6.5 billion compared with the same period last year, while losses in the 3G mobile phone business showed an 82% fall, shrinking to HK$998 million, compared with HK$5.5 billion for first half of 2009.
 
In his chairman's statement, Li Ka-shing (pictured) was positive about the group's potential for future growth: "The group has very healthy development prospects and a promising future. I have full confidence in the group's near, medium and long term growth."
 
He also stated the conglomerate would continue to invest "where good opportunities to expand its core business arise." This drive for acquisitions was highlighted last week when 82-year-old Ka-shing bid £5.8 billion for the UK electricity grid owned by EDF energy. (Continue reading here)
 
Ka-shing is the world's 14th-richest person, according to Forbes, with a personal fortune estimated at $21 billion. His business empire includes property, investment, telecommunications, retail and energy.

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