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

CLP Holdings reported a first-half profit of approximately HK$6 billion, marking a 6.6% increase from the same period last year. The power firm attributed its earnings growth to steady performance in Hong Kong, improved earnings elsewhere, and a one-off gain from the sale of a power station in India. Hong Kong's first-half earnings from its energy business surged by 6% to HK$4.7 billion, while its mainland business grew by 3.3% to about HK$900 million.

Earnings from operations in Australia and India also jumped by over 30%. The company declared a second interim dividend of 63 Hong Kong cents per share, unchanged from the previous year. CLP anticipates that ongoing global fuel price volatility will continue to affect electricity tariffs. CEO Chiang Tung-keung emphasized that the firm maintains a diversified fuel mix to minimize the impact of elevated oil prices and will continue to monitor the market, making monthly tariff adjustments.

In Hong Kong, electricity tariffs rose by around four percent from January to August this year, 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. Looking ahead, CLP aims to address electricity demand for artificial intelligence development, investing HK$2.5 billion in the Northern Metropolis, including building substations to support 18 data centers.

The company is also exploring investment projects in Southeast Asian countries like Vietnam and Laos.