CLP nets $5.6b in first half as China business weakens

CLP (0002) reported an interim net profit of HK$5.62 billion for the six months that ended in June, down 5.5 percent from a year earlier, with weaker earnings from its mainland China business offsetting growth in Hong Kong.

The board maintained an interim dividend of 63 HK cents per share.

The company's revenue slid 2.79 percent year-on-year to HK$42.85 billion.

Its operating earnings before fair value adjustments dropped 8 percent to HK$5.23 billion, mainly due to weaker performance in EnergyAustralia amid intense retail competition and lower contributions from nuclear and renewable assets in mainland China.

Operating earnings in Hong Kong rose 7.3 percent to HK$4.47 billion, while mainland earnings fell 11.94 percent to HK$870 million.

Electricity sales in Hong Kong dipped 1.7 percent to 16,453 gigawatt hours, as milder weather in 2024 and an extra day in last year’s leap year pushed up the comparison base.

With fuel costs easing, the average net tariff in Hong Kong was cut by 1.9 percent in the first half.

CLP completed the acquisition of energy retailer EnergyAustralia – Australia's third-largest power retailer – in 2011.

STAFF REPORTER