China Gas reports 21% drop in profit in H1
Hong Kong-listed China Gas Holdings on November 25 reported a 20.5% year/year drop in attributable profit for the first half of this year.
The H1 profit came in at HK$3.26bn ($417.3bn) down from HK$4.11bn last year. The company’s revenue increased by 10.3% yr/yr to HK$43bn during the first half.
The company said that persistent downward pressure in the real estate industry created challenges in acquiring new users. Furthermore, travel and logistics restrictions under pandemic control impeded pipeline construction and indoor installation, and thus delayed new connection engineering work, it added.
Nonetheless, the company increased residential connections by 1.53mn households and connected 17,777 new industrial and commercial users during the period.
China Gas Holdings is a leading supplier of gas and LPG in China. The company earlier this year signed a long-term LNG deal with US-based NextDecade.