CLP Holdings, the larger of Hong Kong’s two power utilities, said its 2015 net profit jumped 39.6 per cent on year to HK$15.67 billion, thanks to gains from a plant sale
“Following the restructuring in Australia and better results from other overseas operations, the group’s earnings in 2015 were at a record high,” chairman Michael Kadoorie said in the results statement filed to Hong Kong’s stock exchange on Monday.
Operating earnings rose 14.6 per cent to HK$11.53 billion, when excluding a HK$6.62 billion gain from the sale of the Iona natural gas processing and storage facilities in Victoria, and HK$1.48 billion of asset impairment on its generation assets in Australia.
Operating earnings from Hong Kong rose 6.4 per cent to HK$8.28 billion.
Operating earnings from mainland China surged 25.2 per cent to HK$1.98 billion, thanks to strong operational performance at the Daya Bay nuclear plant in Shenzhen, and lower coal costs at its coal-fired plants.
In India, operating profit jumped 126.7 per cent to HK$612 million, after its Jhajjar coal-fired plant swung to a HK$146 million profit, reversing a loss in 2014. The result was also helped by the reversal of a provision previously made for dividend distribution tax.
In Australia, operating profit rose 10.6 per cent to HK$836 million as lower operating and finance costs offset a 16.9 per cent depreciation of the Australian dollar against the US dollar.
A fourth interim dividend of HK$1.05 per share was proposed, raising the year’s total to HK$2.70 per share, from HK$2.62 in 2014.