HKEI profit rises 9pc to $982m

HK Electric Investments (2638) recorded a 9.84 percent year-on-year rise in first-half net profits to HK$982 million and maintained an interim dividend of 15.94 HK cents per share.

The company's revenue in the first half reached nearly HK$5.23 billion, representing a year-on-year increase of 7 percent.

The revenue from electricity sales also rose over 7 percent to nearly HK$5.2 billion, with a 3.3 percent yearly increase in electricity sales volume.

However, when compared to the first half of 2019, before the outbreak of the pandemic, the electricity sales volume still declined 6 percent.

Additionally, HKEI stated that the offshore liquefied natural gas terminal was completed in early July and has commenced commercial operations.

It also mentioned that after the power outage incident in April, they have formulated a series of improvement measures, with some already implemented and the remaining majority expected to be implemented within the year.

HKEI reported a 15.5 percent reduction in the fuel clause charge, decreasing from 82.5 cents in January to 69.7 cents in August. They anticipate further decreases for the year.

Meanwhile, CK Life Sciences (0775) saw its net profit for the first half tumble by 43 percent yearly to HK$37 million.

The company said the higher finance costs due to rising interest rates had a significant impact on the profit in the first half of 2023.

It has not declared any interim dividend for the period.