Hong Kong & China Gas (Towngas) expects to finalise five gas projects on the mainland in its latest attempt to spur growth, as last year's net profit was barely changed at $3.05 billion. Managing director Alfred Chan Wing-kin said the profit contribution from the group's mainland portfolio had doubled to $132 million last year. He said Towngas' net profit for this year would receive a boost from pre-sales of its Grand Promenade apartments in Sai Wan Ho and its Ma Tau Kok residential project. Profit in 2003 included a $200 million one-off gain from the sale of 14 floors of Two International Finance Centre to the Hong Kong Monetary Authority, which means last year's profit would have grown 7 per cent excluding the gain. Last year, growth was flat at 0.5 per cent, dragged down by a 1.4 per cent decline in residential use. Nevertheless, the group expected a 2 per cent increase in gas sales this year.