The red chip hopes to acquire some of its parent's state assets including Beijing Gas Red chip Beijing Enterprises Holdings will accelerate growth by acquiring utility and infrastructure assets recently transferred to its state-owned parent, vice-chairman Zhang Honghai said. Mr Zhang said the unlisted parent had received 37 billion yuan worth of assets in an asset reshuffle conducted by the Beijing office of the State-owned Assets Supervision and Administration Commission in January. He said Beijing Enterprises, the Hong Kong-listed window company of the capital's municipal government, was interested in acquiring some of its parent's assets, which accounted for 25 per cent of those administered by the Beijing office of the commission. One possible injection into the listed company was Beijing Gas Holdings, which had assets worth 16 billion yuan including a franchise to supply piped gas in the capital, Mr Zhang said. Yi Xiqun, the chairman of both Beijing Enterprises and the parent company, declined to specify which assets would be involved in the possible transfer and when it might occur. 'Beijing Enterprises will focus on four core businesses, namely gas and water supplies, toll roads, high-technologies and renewable energy,' Mr Yi said. The asset restructuring meant the municipal government's plan to sell a minority stake in Beijing Gas to Hong Kong and China Gas, Hong Kong's dominant gas supplier, was now impossible, Beijing Enterprises financial controller Tam Chun-fai said. Mr Zhang said Beijing Enterprises would press ahead with a plan to spin off its energy and environmental unit, Beijing Ever Source Technology, on the main board this year. Director Liu Kai said profit contributions from the unit, a geothermal energy provider, jumped 26 per cent to about $45 million last year. The group's star performer was its infrastructure portfolio, which posted a 16.46 per cent rise in earnings to $330.25 million last year. The portfolio - including interests in the Capital Airport expressway, Shuiguan highway in Shenzhen and a water concession project in Beijing - benefited from a stronger economy, Mr Zhang said. However, the performance was blemished by the consumer-goods unit, which saw profits dragged down 25 per cent to $104.75 million because of a 'poorly managed' dairy unit, A share Beijing Sanyuan Foods, Mr Tam said. The sale of the group's 55 per cent stake in Sanyuan would be completed this year, resulting in a one-off gain, he added. The group's net profit of $503.18 million included an extraordinary gain of $133.51 million from divestments of a 50.5 per cent stake in Jianguo Hotel and a 20 per cent stake in technology firm Beijing International Switching. Earnings per share rose nine cents to 81 cents. The final dividend was 20 cents a share, bringing the full-year payout 7.1 per cent higher at 30 cents per share.