HK Electric Investments posts HK$1.2 billion first-half profit
HK Electric Investments, a firm controlled by tycoon Li Ka-shing that owns the electricity monopoly on Hong Kong and Lamma islands, posted a net profit of HK$1.2 billion in the first half of the year.
That compares with a profit of HK$967 million in the period from January 29 last year, when it was spun off into a separate Hong Kong-listed firm, to June 30 last year.
First-half turnover was HK$5.23 billion, compared with HK$4.48 billion from January 29 to June 30 last year, the company said in a statement to Hong Kong’s stock exchange. Electricity sales volume edged up 0.5 per cent year on year in the first half of the year.
The payout for the trust company’s staple units for the six months amounted to 19.92 HK cents per unit, compared with 16.53 cents in the period between January 29 and June 30 last year.
Last month, Power Assets Holdings and Cheung Kong Infrastructure (CKI), two utilities and infrastructure firms controlled by Li, said they had sold a combined 19.9 per cent stake in HK Electric Investments to Qatar’s sovereign wealth fund for HK$9.25 billion.
Power Assets remained HK Electric Investments’ largest shareholder with a 33.37 per cent stake after the sale.
