Hongkongers should expect 'gradual softening of energy prices' as CLP Holdings returns to profit
Hongkongers could expect a "gradual softening of energy prices" as international fuel prices stabilise, according to power provider CLP Holdings, which returned to profitability in the first half of the year after a record loss a year earlier.
CLP Holdings reported a net profit of HK$5.06 billion (US$648 million) for the first six months, reversing a record loss of HK$4.86 billion in the first half of 2022, according to a filing with the Hong Kong stock exchange on Monday.
"We have seen a softening of international energy prices since the beginning of this year," Richard Lancaster, CEO of CLP Holdings, said at a media briefing on Monday afternoon. "Over time, we would see a gradual softening of energy prices."
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Factors behind the company's return to profit include "the dependable performance of our core businesses in Hong Kong and mainland China [and] a one-off income in India adding to a sound operational performance and progressive normalisation in Australia", which led to a slight gain in the fair value of EnergyAustralia's forward energy contracts, compared with a significant loss a year earlier, CLP's filing said.
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