Hong Kong-based Hutchison Whampoa Ltd, parent company of health-and-beauty retailer Watsons and supermarket chain ParknShop, has announced its financial results for the first half of 2010.
The retail division of the group delivered strong revenue growth compared with the first half of 2009, despite weak consumer sentiment in some of its overseas operations. Sales grew 8 percent to HKD57.51 billion (USD7.40b). In local currencies, earnings before interest and taxes (EBIT) increased 54 percent, and in Hong Kong dollars increased 52 percent to HKD2.85b (USD366.7 million), driven by strong improvements to the division’s cost structure, inventory management and operational efficiencies, and continuing expansion in high growth markets.
The group’s total revenue grew 8 percent to HKD15.29b (USD1.97b) and total EBIT, before property revaluation and profits on disposal of investments, grew 34 percent to HKD16.99b (USD2.19b).
(Source: Hutchison Whampoa)