Hong Kong-based CK Hutchison has announced bumper profits from its ports operations as the conglomerate faced criticism from Beijing for a $22.8bn deal with US asset manager BlackRock for most of the business.
The group on Thursday reported a 24 per cent jump in earnings before interest and taxes to HK$13.1bn ($1.7bn) from its ports last year. It is selling 43 of its 53 ports, including two at the Panama Canal, to a BlackRock-led consortium. It will retain control of its Chinese ports.
The sale follows criticism by US President Donald Trump of alleged Chinese influence over the canal, a vital conduit for US trade. CK Hutchison has denied Trump’s criticism played a part in its decision to sell the ports in Panama and elsewhere.
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