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HONG KONG -- Holding company Hutchison Whampoa Ltd. on Thursday posted an 11 percent gain in full-year net profit, mainly due to one-time gains and stronger earnings in its ports and energy operations.

The conglomerate, owned by Hong Kong tycoon Li Ka-shing, reported a net profit of 14.34 billion Hong Kong dollars ($1.85 billion) for 2005, up from a restated 2004 net profit of 12.98 billion Hong Kong dollars.

Property revaluation and one-time gains offset the performance of its costly third-generation mobile phone operations, which posted a loss before interest and tax of 26.88 billion Hong Kong dollars ($3.46 billion).

Full-year revenue rose 33 percent to 241.86 billion Hong Kong dollars ($31.17 billion).

One-off gains included Hutchison's sale of a 19.3 percent stake in Hutchison Telecommunications International Ltd. to Egypt's Orascom Telecom Holding, and the disposal of stakes in two ports to Singapore's PSA International Pte.

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"Hong Kong continues to benefit from the robust economic growth and enormous opportunity in (mainland China)," said Hutchison's chairman, billionaire Li Ka-shing. "With these encouraging economic trends, I am confident that our group's businesses will continue to perform well in 2006."

© 2006 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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