CK Hutchison says oil prices, forex to impact 2020 profits [Reuters]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Reuters
CK Hutchison says oil prices, forex to impact 2020 profits HONG KONG (Reuters) - CK Hutchison Holdings Ltd ( 0001.HK ) said its 2020 profits will be impacted by the plunge in oil prices and currencies but retired billionaire Li Ka-shing’s conglomerate’s financial standing will be able to withstand the impact. Its pharmacy and telecom units, which have businesses in Europe, enjoyed better sales amid the novel coronavirus outbreak, however, as drug stores remained opened for people to buy daily necessities and people talked more on the phone. Co-managing director Canning Fok told an earnings conference webcast on Thursday that with a 40% stake in Canadian oil and gas producing arm Husky Energy Inc ( HSE.TO ), CK Hutchison would book a loss of HK$2.4 billion ($309.19 million) if the oil price stays at $25 a barrel, as the break-even oil price for Husky is $38.50 and it had 20 million barrels in the inventory at $49 each. Every 10% drop in the British pound GBP=D3 and euro would also
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