BY ALICE ZHAO
HONG KONG – Power Assets Holdings Ltd.(0006.HK) posts another record interim results with net profit rising 6.8 percent to HK$4.333 billion, mainly driven by overseas operations.
HK business net slid 1.5 percent to HK$1.75 billion, while the rest surged 13.4 percent to HK$2.579 billion. Earnings outside Hong Kong represents 60 percent of the company’s total profit.
The electricity supplier pays 62 HK cents of interim dividend, same as last year.
Revenue rose 4.67 percent to HK$4.90 billion from HK$4.68 billion
Hong Kong electric unit sales were 3.4 percent higher to 5.20 billion kWh, with commercial sector accounting for 74.2 percent of the units sold, residential sector 22.8 percent and industrial sector 3 percent.
Apart from Hong Kong, the utility and infrastructure company controlled by tycoon Li Ka-shing has interests in electricity distribution in the UK, Australia, New Zealand, power generation facilities in mainland China, UK, Thailand and Canada, and a gas distribution network in the UK.
It’s peer in Hong Kong, CLP Holdings Ltd. (0002.HK), warned that its financial result in 2012 will be adversely impacted by lost generating capacity and the cost of maintenance work earlier this month.
Power Asset supplies power to Hong Kong island, while CLP Holdings., Hong Kong’s biggest power provider, supplies Kowloon and the New Territories.
Shares of Power Asset rose by 1.18 percent, closing at HK$60 yesterday. CLP was also up 1.14 percent at HK$66.