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CLP Posts HK$10.4 Billion Net Profit

Reuters in Hong Kong – 1:50pm, Feb 26, 2009

Hong Kong’s leading power provider CLP Holdings (SEHK: 0002) posted a 1.7 per cent fall last year net profit, as earnings have yet to fully reflect the impact of the reduced permitted rate of return for utility companies.

CLP, the larger of the city’s two main electric power suppliers, earned HK$10.42 billion, or HK$4.33 per share, in the year ended December, compared with profit of HK$10.6 billion or HK$4.40 per share in 2007. Revenues rose 7 per cent to HK$54.3 billion, the company said in a statement.

The results beat the consensus forecast of HK$10.1 billion by 11 analysts polled by Reuters.

Smaller rival Hong Kong Electric (SEHK: 0006) is expected to report next month a slight increase in full-year net profit.

The stock became a safe heaven for investors and traded relatively steady last year, outperforming a 48 per cent plunge in Hong Kong’s blue chip index. It has continued to outperform the Hang Seng index so far this year, gaining about 4 per cent, compared with HSI’s nearly 10 per cent fall as of Wednesday’s close.

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