|- Profit Attributable to Owners Increased 81.5% to HK$37.0 Million|
HONG KONG, Aug 13, 2019 - (ACN Newswire) - Zhonghua Gas Holdings Limited (the "Company"; Stock Code: 8246) together with its subsidiaries (collectively the "Group") today announces that the audited results for the six months ended 30 June 2019 ("Current Period"). Total revenue from the continuing operation recorded a 122.3% year-on-year increase from HK$112.7 million to HK$240.0 million in the Current Period. Net profit after tax showed an outstanding growth of over 74.5% to HK$44.1 million and profit attributable to the owners of the Company recorded over 81.5% increase to HK$37.0 million as compared to the Corresponding Period. Basic and diluted earnings per share for the Current Period were both HK$1.0 cent, as compared to both HK$0.6 cent in the Corresponding Period.
The growth was driven by a surge in revenue from the New energy business, primarily brought by the trading of Liquefied Natural Gas (LNG). The Group recorded contribution from the New energy business to total revenue 99.9% for the both period in 2018 and 2019, reflecting its important role in the operations. Gross profit of the New energy business dropped due to a thinner gross profit margin of LNG trading business compared to that of construction related and consultancy services.
During the Current Period, the Group has successful completed business restructuring following the completion of the disposal of the catering business on 30 April 2019, and will continue to remain focused on developing and expanding the New energy business with an objective to maximize the profitability of the Group. The cooperation with one of the world's largest engineering and consultancy company, Tractebel Engineering S.A. ("Tractebel"), Tianjin Jinre Heat Supply Group Co. Ltd. ("Jinre Group") also allowed the Group to explore and expedite further collaboration with top industry players in fields of technological and infrastructure-related business.
Looking forward, the Group will continue to strive to actively expand in the LNG trading segment. In order to firmly grasp future business expansion in the sector, not only will the Group step up the efforts in LNG trading in existing operating locations, but also eye on developing the LNG trading business in other potential regions in the PRC and extend our footprints worldwide. Identifying suitable LNG suppliers locally and globally and delivering LNG products will be of the Group's first priority in near future.
The Group also aims to build up strong relationship with new partners in order to cater to future needs and foster further business opportunities. The Group will also pursue long term cooperation with our key partners to diversify our business scope and enhance services, while seeking for collaboration projects in possible areas of LNG trading. It will also put its focus on capturing and developing new consultancy projects as it is one of its current major revenue sources.
The Group will always continue to look for opportunities to venture into business relating to New Energy business in order to expand the business and market coverage and ultimately to build it into a leading diversified and integrated new energy service provider in the Greater China Region.
Zhonghua Gas Holdings Limited
Zhonghua Gas Holdings Limited is principally engaged in provision of diversified and integrated new energy services including technological development, construction related and consultancy services in relation to heat supply and coal-to-natural gas conversion, supply of Liquefied Natural Gas, coupled with trading of new energy related industrial products. The Group is also engaged in the property investment business.
Jovian Communications Ltd
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Aug 13, 2019 09:27 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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