City-gas distributor China Resources Gas Group (CRG), whose proposed merger with sister firm China Resources Power Holdings (CRP) was rejected by the latter’s shareholders last month, posted a forecast-beating 41 per cent rise in interim profit.
Net profit for the year’s first six months was HK$1.07 billion, up from a restated profit of HK$762 million in the year-earlier period.
It was higher than the average estimate of 963.7 million yuan of three analysts polled by Bloomberg.
First-half turnover jumped 76 per cent year-on-year to HK$9.8 billion, driven by a 47 per cent jump in gas sales volume to 6.25 billion cubic metres from 4.25 bcm.
CRP shareholders late last month voted against an all-share merger with CRG. Analysts had expected the proposal to collapse given insufficient details were given about their new ventures after the merger to allay investors’ concerns about their uncertain profitability.
