CLP Holdings' Profit Rose on Better Earnings From Australia, Hong Kong

By Kimberley Kao

CLP Holdings' first-half net profit rose 18%, thanks to improved contributions from unit EnergyAustralia and the Hong Kong operations, offsetting lower power generation from its China business.

Net profit rose to 5.95 billion Hong Kong dollars (US$762.1 million) in the first six months of 2024, from HK$5.06 billion in the year-ago period, the Hong Kong-listed power company said in a filing Monday. Revenue rose 1.8% to HK$44.09 billion.

CLP's operating earnings before fair value movements increased 22% to HK$5.68 billion, thanks to improved contributions from EnergyAustralia's forward energy contracts, which offset lower generation from its two nuclear plants in China due to scheduled maintenance work, the company said.

Growth in demand for electricity was also seen in Hong Kong, driven by the increased pace in Hong Kong's economic recovery, combined with rising temperatures, which pushed up consumption across most sectors, the company said.

CLP declared a second interim dividend of HK$0.63 per share, the same as the first interim dividend and unchanged from a year ago.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

August 05, 2024 00:56 ET (04:56 GMT)

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