Australian sales power CLP earnings growth in first nine months

PUBLISHED : Tuesday, 16 October, 2012, 12:00am
UPDATED : Tuesday, 16 October, 2012, 4:03am

CLP Holdings said yesterday revenue rose 14.1 per cent to HK$77.51 billion in the first nine months of this year.

Turnover from the company's Australian energy business, its biggest source of revenue, jumped 15.9 per cent to HK$48.77 billion, while its electricity business in Hong Kong, its second-biggest revenue source, grew 9.7 per cent to HK$25.56 billion.

The gain in Hong Kong was due to more sales and increased tariffs, while the growth in Australia came from higher tariffs and recognition of revenue from New South Wales assets that were acquired in March last year.

On August 1, the Australian government rejected an application by subsidiary TRUenergy to build an A$300 million (HK$2.37 billion) wind farm that would produce 123 megawatts of clean energy, CLP said. TRUenergy is appealing the decision in the courts.

A JP Morgan report said CLP expected to book a loss of HK$200 million in the second half from floods at its Yallourn coal mine in Australia.

Electricity sales to mainland China fell 16.7 per cent to 1,441 gigawatt-hours.

CLP shares closed unchanged at HK$65.20 yesterday.