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Towngas gives warrants and shares after 21.3pc profit jump

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HONG Kong and China Gas Co saw net profit rise slightly ahead of market expectations by 21.3 per cent to $1.13 billion, in figures boosted by special tax arrangements including some possibly linked to aircraft leasing last year.

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For the year to December 31, the group announced bonus issues of one-for-five shares and one-for-10 warrants to shareholders.

It also reported an increase in authorised share capital and a $4 billion credit on the revaluation of property.

Chairman Lee Shau-kee said the group would increase its consumer base in Hong Kong and look for ventures in China, with one project in Panyu, Guangdong province, already being worked on.

Earnings per share were 71 cents, up 20.3 per cent, and the final dividend was 23 cents a share, up one cent, taking the total for the year to 35 cents, up one cent.

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The company plans to increase its authorised capital by $250 million to $750 million by creating one billion 25-cent ordinary shares.

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