PACIFIC Century Regional Developments, owned by Hong Kong magnate Li Ka-shing's son Richard Li, saw full-year net profit in 2018 slump as the share of profit from associated companies diminished.
Net profit for the full year ended Dec 31 was S$49.96 million, down 42.7 per cent from a year ago. The group attributed it largely to a lower share of profit from associated companies - it stood at S$36.5 million, down 55.7 per cent. Particularly, the group's share of profit from its major investment, Hong Kong-listed associate PCCW, dropped to S$35.1 million from S$82 million in 2017. The difference was mainly due to the inclusion of the group's share of a one-off gain, amounting to approximately S$44 million, from the disposal of PCCW's non-core wireless broadband business in the UK in 2017.
Revenue gained 6.6 per cent to S$15.62 million, largely due to higher dividends from the company's investment in HKT, Hong Kong's largest telecoms company.
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