Friday, March 28, 2008

Hong Kong & China Gas profit up 58% on one-off gains

Hong Kong's biggest town gas supplier Hong Kong & China Gas Co<3> on Wednesday posted growth of 58% in 2007 net profit mainly due to earnings from sales of its mainland piped gas projects and strong property sales in Hong Kong.

The company realized a net profit of HK$9.27 billion in 2007, compared with HK$5.86 billion a year earlier. The figure beats the median estimates of HK$7.36 billion made by 16 analysts in a Thomson Financial survey.

Revenue in the same period increased 5.6% to HK$14.23 billion. The company proposed to pay a dividend of HK$0.23 a piece, unchanged from last year's level.

In mid last year, it sold 10 piped gas projects in the mainland to Towngas China Co<1083>, formerly named Panva Gas Holdings Ltd, which gained a one-off profit of HK$2.24 billion. In return, Towngas sold 3.23 billion new shares to Hong Kong & China Gas, representing 45% stake of the former company's total shares.

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