CLP profit rises 6.6pc to HK$6b in first half

CLP Holdings reported a first-half profit of around HK$6 billion, a 6.6 percent increase from the same period last year. The company credited its earnings growth to its steady performance in Hong Kong, improved earnings elsewhere, and a one-off gain from the sale of a power station in India. The Hong Kong energy business saw a six percent rise in earnings, while its mainland business grew by three percent to about HK$900 million.

CLP's Australian and Indian operations also saw a jump of over 30 percent in earnings. The company announced a second interim dividend of 63 Hong Kong cents per share, the same as last year. CLP expects global fuel price volatility to continue affecting electricity tariffs, but CEO Chiang Tung-keung stated that the company maintains a diversified fuel mix to minimize the impact of high oil prices.

CLP will continue to monitor the market and make monthly tariff adjustments. In Hong Kong, electricity tariffs rose by around four percent from January to August, significantly lower than the fluctuation in oil prices. The company plans to offer a three-month special fuel rebate from August to October, benefiting half of its customers.

CLP is focusing on future investments to meet electricity demand for the development of artificial intelligence, committing HK$2.5 billion in the Northern Metropolis for building substations to supply power for 18 data centres. The company also plans to invest in Southeast Asian countries like Vietnam and Laos.