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2007-9-13 06:30:00 p.m. HKT, XFNA
Hong Kong & China Gas H1 net soars 118 pct to 5.47 bln hkd on exceptional
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gains
HONG KONG (XFN-ASIA) - Hong Kong & China Gas Co Ltd said its first-half
to June net profit surged nearly 118 pct year-on-year to 5.47 bln hkd from 2.
51 bln on the back of exceptional gains, including the 2.24 bln hkd that it
made from the sale of its interests in 10 piped city-gas joint ventures in
China to Panva Gas.
It said the group's earnings for the period also received an extra 728.2
mln hkd boost from its share of profits from the sale of apartments in three
separate housing projects in Hong Kong.
Its performance was also helped by a 542.2 mln hkd share of a revaluation
surplus from the International Finance Center office-hotel-commercial complex
in Central, in which it has a 15 pct stake.
Total revenue rose by 6.27 pct year-on-year to 5.76 bln hkd from 5.42 bln
a year earlier.
The company said its sales of residential gas by volume during the period
fell 1.9 pct year-on-year during the first half, while sales of commercial
and industrial gas by volume rose by 3.2 pct.
Overall, its total gas sales in Hong Kong by volume for the first half
rose by a slight 0.2 pct year-on-year.
As of the end of June this year, the number of customers was 1,631,302,
an increase of 24,461 since the corresponding period last year.
Operating profit was 2.45 bln hkd, up from 2.15 bln a year earlier.
Earnings per share was 90.3 hk cents, up from 41.4 a year earlier.
The board has recommended an interim dividend of 12 hk cents, unchanged
from last year.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/kmq xfnjcc/xfnkm
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