Diversified Hong Kong-based conglomerate Hutchison Whampoa Thursday said its first-half net profit dropped 63% from the same period a year ago to HK$10.69 billion ($1.37 billion). The results were better than expected. The drop in profits was due to the sale of the group's mobile operations in India, which boosted earnings in the year-earlier period. The company, controlled by billionaire Li Ka-shing, said losses before interest and taxes on the group's third generation (3G) operations dropped by as much as 72% to HK$3.18 billion. Hutchison shares fell 1.5% by the morning session in Hong Kong.

Source:MarketWatch