Beijing Gas Blue Sky's 2019 Profit Down 72%
Chinese gas distributor Beijing Gas Blue Sky Holdings March 30 said its profit for the 12 months to December 31, 2019, was HK$73.9mn, down 71.8% yr/yr, owing to the absence of one-time gain seen in the previous year.
The company recorded total revenue of HK$2.67bn (US$340mn), representing a growth of 24.6% yr/yr, thanks to the completion of the acquisition of LNG distributors Zhejiang Bo Xin and Xin Te. Income from its LNG business increased by 66.5% over the corresponding period, and income from its direct LNG supply business was up by 21.7% yr/yr.
Beijing Gas' total gas sales and throughput volumes in 2019 increased by 42.6% yr/yr to approximately 7.3bn m3. At present, Beijing Gas operates projects in 17 provinces, cities and autonomous regions in China. It has six city gas projects in the provinces of Shanxi, Jilin, Liaoning and Hubei. The company also owns a stake in PetroChina Jingtang LNG Co.