Roads, duty free business lift New World Services income
(02-26 13:01)
New World Services Holdings, (0659) which operates business ranging from toll roads in the mainland, tunnels (Tait’s Cairn tunnel in Hong Kong), water and ports to energy and public bus services, said today operating profit reached HK$2.19 billion for 2012, up 11 percent over last year.
Profit attributable to shareholders was HK$1.06 billion, Chairman Henry Cheng Kar-shun said.
The infrastructure division generated HK$1.162 billion income, up 10 percent, the company said.
The company said the newly-acquired Hangzhou Ring Road, in which the group has a 95 percent interest, lifted the toll road business in the mainland, which was hit by the toll standardization policy in Guangdong Province and the holiday toll free policy
introduced by Beijing.
The company said the Free Duty tobacco and liquor retail business at all land border crossings “continues to thrive and experience remarkable growth.’’
NWS also manages the Hong Kong Convention and Exhibition Center in Wan Chai where 629 events were held attracting 3.5 million trade visitors. Growth at the center is “healthy,’’ the group said, adding that the food and beverage sales have been a “key growth driver.’’
The transport business, which includes New World First Bus Services and Citybus reported income of HK$93.2 million, up 2 percent over 2011.
The group reported debts of HK$12.208 billion compared to HK$12.280 billion as at
30 June 2012. The capital structure was 32 percent debt and 68 percent equity as at
31 December 2012, compared with 33 percent debt and 67 percent equity as at 30 June 2012, the group said.
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