CLP Holdings earnings up 17.6% to HK$5.95b in H1

Thanks to strong performance in Hong Kong and other markets.

CLP Holdings Limited has reported a strong financial performance in the first half (H1) of the year, with its net income reaching HK$5.95b, up 17.6% from a year earlier.

The company’s revenue, meanwhile, recorded a slight increase of 1.8% to HK$44.08b. The gains during the period were associated with “a robust performance in Hong Kong, improvements in Australia and promising growth in India.”

Nearly all of CLP's business units logged higher operating income in H1. Specifically in Hong Kong, the number climbed 3% to HK$4.17 billion.

“In Hong Kong, financial performance was dependable in the half year and we are capturing the opportunities provided by decarbonisation. Both the new 600 MW [megawatt] gas fired generation unit at Black Point and offshore LNG terminal are now fully operational,” CLP Holdings CEO T.K. Chiang said.

India also recorded a 59.8% increase to reach HK$203m, whilst Australian operations rebounded from losses to record an operating income of HK$611 million in the first half of the year. 

“In India, our joint venture Apraava Energy achieved positive results in seizing non carbon opportunities and delivered a strong performance. The business continued to win rights to develop low-carbon projects in renewable energy, transmission and smart metering,” Chiang said.

“In Australia, EnergyAustralia continued to improve the performance of its generation and retail businesses against a backdrop of wholesale electricity price volatility and intense market competition,” he added.

Meanwhile, operating income in Mainland China fell 28% to HK$988m due to scheduled maintenance work affecting the company’s nuclear portfolio.

“First-half’s results saw lower output from our nuclear portfolio due to planned maintenance outages. But the contribution of nuclear energy assets is expected to stabilise in the second half following the successful completion of the maintenance programmes,” Chiang said.