Power Asset posts $3b interim profit

Power Asset (0006) reported a profit of HK$3.04 billion for the six months that ended in June, up 1 percent year-on-year, despite ongoing volatility in global markets.

The board has declared an interim dividend of 78 HK cents per share.

Interim revenue fell 22.5 percent year-on-year to HK$352 million.

The UK remains the company’s largest market, contributing HK$1.72 billion in revenue, up 11 percent year-on-year, driven by solid operational performance.

Its Australian portfolio contributed HK$652 million in profit during the period, down 4.26 percent year-on-year, partly due to the lower exchange rate of the Australian dollar as against the Hong Kong dollar.

With an “A/Stable” credit rating from Standard & Poor’s and a net debt-to-capital ratio of 2 percent, the company maintains low gearing and a strong balance sheet, according to an exchange filing.

STAFF REPORTER