CLP Holdings , the larger of Hong Kong’s two power utilities, posted a net profit of HK$6.01 billion (US$775.4 million) for the first half, but the company said the outlook remains uncertain as the coronavirus pandemic continues to weigh on the markets in which its operates. “The second half of 2020 is likely to remain highly uncertain for the world, for Hong Kong and for CLP,” said chairman Michael Kadoorie. Restrictions on business and social activity in the first quarter dampened demand for electricity, affecting both the company’s generation and retail businesses, Kadoorie said in the results statement on Monday. The decline was somewhat balanced in the second quarter by the resumption of economic activity in the Asia-Pacific region such as Australia , China, Taiwan and India where it operates, he added. The increase in net profit against a loss of HK$907 million in the year-earlier period was mainly due to positive changes in the fair value of energy hedging contracts in Australia, according to the company. Operating earnings rose 12 per cent year on year to HK$6.13 billion. In Hong Kong, first-half sales of electricity fell 1.2 per cent year on year to 15,729 gigawatt hours. The company said electricity sales to the commercial sector, especially hotels and restaurants, were particularly hit hard by travel curbs and social distancing restrictions, but residential sector sales grew as people spent more time at home aided by the hot and humid weather in the second quarter. CLP powers ahead with ‘smart’ and ‘clean’ energy opportunities in Greater Bay Area CLP implemented a bill-payment deferral programme for small and medium-sized enterprises in the catering, hotel and retail sectors, easing the financial burden on eligible customers by deferring their May and June electricity bills for two months. In late March, the Hong Kong government introduced tough social distancing measures to prevent the spread of the coronavirus. Restaurants were required to limit the number of diners at each table to four and allowed bars and restaurants to operate at half their capacity. Following the outbreak of the third wave, the government late last month reintroduced much more stringent measures , including banning dine-in services at restaurants from 6pm onwards. Outside Hong Kong, CLP said its first-half performance in mainland China was solid even though operations were disrupted by the coronavirus outbreak in the first quarter. In Australia, the company said business will continue to face challenging market conditions as the economy emerges from Covid-19 restrictions. CLP’s earnings per share during the first half were HK$2.38 and it declared an interim dividend of HK$0.63 per share, the same as a year ago. Shares of CLP fell as much as 1.8 per cent in morning trading before the results were announced during the lunch break. The shares eventually closed 1 per cent higher at HK$74.10.