business, which will improve Husky's overall balance as a
leading Canadian energy producer.
The long term outlook
for Husky remains good.
Cluff Resources (21% owned) is on target to produce a
satisfactory result this year. With three new gold mines
coming into production, this associate is expected to
become a 90,000 to 95,000 ounce per annum gold producer by
the year end.
Earnings and profits from the Group's other marketable
securities and investments have been reasonable.
Prospects
The Group's businesses continue to perform well and its
cash flow remains strong. In the absence of unforeseen
circumstances, the Group's profit performance and dividend
payments for 1988 will show an improvement over last year.
I would like to thank my colleagues on the Board and all
the employees of the Group for their continuing support and
hard work.
Li Ka-shing Chairman
Hong Kong
24th August, 1988
(Page 7 of 9)
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