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.