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HK power supplier CLP posts 10% profit drop for 2011

Feb. 28, 2012 (China Knowledge) - CLP Holdings Ltd<0002>, Hong Kong's biggest power producer, reaped HK$9.3 billion in net profit last year, reflecting a year-on-year plunge of 10% from HK$10.3 billion.

The power supplier attributed the profit drop principally to a US$1.93 billion write-down of its Australian power assets owned by TRUenergy after Australia passed new carbon pricing legislation. CLP acquired TRUenergy for A$2.18 billion last March.

The net profit for 2011 was also lower than the average HK$9.60 billion forecast made by 16 analysts at Thomson Reuters. ?

Hong Kong-listed CLP's operating profit increased 3.3% from HK$6.1 billion 2010 to HK$6.3 billion in 2011. Revenue for last year soared by 57% to HK$91.6 billion.

CLP, which mainly supplies power to Kowloon and the New Territories in Hong Kong, and Guangdong Province, also owns energy assets in China's Taiwan Province, Australia, India, and Thailand.

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