Sales cut to China affects CLP profit

A SUBSTANTIAL drop in electricity sold to China has cut into the profitability of China Light and Power Co, whose after-tax profit edged up by 1.1 per cent to $1.55 billion for the six months ended March.

Total electricity sold slipped 18.2 per cent to 9.19 billion kilowatts/hour, weighed down by declining sales to China.

Sales to the mainland amounted to only 535 million kWh during the period, down more than 80 per cent from the previous year's 2.9 billion kWh.

Electricity sold to Kowloon and the New Territories was up 3.7 per cent to 8.66 billion kWh.

China Light's turnover dipped 1.5 per cent to $6.26 billion.

After adjustment of the transfer under the government scheme of control and a consolidation of profit from property sales, profit attributable to shareholders rose 20 per cent to $2.07 billion.

Earnings per share were $1.04, up 20 per cent from a year earlier.

''Taking into account the profit on the sale of the Humphreys Avenue property, indications for the growth rate of recurrent earnings for the year are encouraging,'' said chairman Sidney Gordon.

A second interim dividend of 26 cents was declared.

Mr Gordon said the first unit of the Daya Bay nuclear power plant had been providing electricity since February. ''It has run consistently at full load and contributed 570 million kWh to the company's system,'' he said.

The second unit reached full load before the end of last month and was going through final demonstration runs and performance tests. It is expected to enter commercial use by June.

Mr Gordon said construction of the natural gas-fired plant at Black Point was proceeding on schedule and the first two 312 MW units were expected to begin service in early 1996.