Li's firms report biggest profits ahead of merger

Hong Kong tycoon plans reorganization of global interests as son prepares to lead

Li Ka-shing's two main companies reported their highest annual profits in 15 years after booking gains from the listing of an electric utility unit and rising home sales in Hong Kong.

At Cheung Kong Holdings Ltd, which operates the bulk of Li's property business, net income climbed 53 percent last year to HK$53.9 billion ($7 billion), the company said on Thursday in a statement. Hutchison Whampoa Ltd, which operates industries ranging from telecommunications to infrastructure, reported profit more than doubled to HK$67.2 billion.