Towngas China net drops 23pc

Business | Avery Chen 14 Aug 2020

Towngas China (1083) saw its first-half net profit drop 23 percent to HK$581 million as industrial and commercial gas sales slumped amid the pandemic. It did not declare an interim dividend. Basic earnings per share were 20.23 HK cents.

Towngas China's total revenue fell 14.57 percent to HK$5.56 bill in the first half. Revenue from sales of piped gas and related products declined 14 percent to HK$4.81 million, mainly due to falls in both volume and price of gas. Income from connection fees fell 16 percent to HK$753 million during the period.

Total gas sales dropped by 3 percent to 5.51 billion cubic meters.

Industrial gas sales grew by 1 percent to 3.25 billion cubic meters, but commercial gas sales slumped 27 percent to 701 million cubic meters. Residential gas sales grew by 4 percent to 1.51 billion cubic meters.

The total number of customers reached 13.72 million, with 280,000 new customers compared to the end of last year.

The company said the easing of the mainland's outbreak had seen it resume basically normal operations and see positive progress.

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