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Power Assets posts 26% rise in net profit for 2011

Mar. 8, 2012 (China Knowledge) - Power Assets Holdings Ltd<0006>, the smaller of Hong Kong's two electricity suppliers, announced yesterday that its net profit jumped 26% year on year to HK$9.1 billion last year, boosted by contributions from the newly-acquired power distribution assets in the U.K.

Net profit from electricity sales in Hong Kong dropped 3% to HK$4.48 billion in 2011, accounting for 49% of its total earnings, and that from the firm's overseas power and gas assets surged 80% to HK$4.56 billion.

The power supplier has proposed a final dividend of HK$1.70, higher than the HK$1.49 in 2010.
Power Assets' revenue was HK$10.20 billion last year, down 1.6% year on year.
CLP Holdings Ltd<0002>, Hong Kong's biggest power producer, said earlier that it reaped HK$9.3 billion in net profit last year, reflecting a year-on-year decline of 10% from HK$10.3 billion.

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