|Net Profit Attributable to the Owners Increased by 252.2% to HK$13.1 Million|
HONG KONG, May 10, 2019 - (ACN Newswire) - Zhonghua Gas Holdings Limited (the "Company"; Stock Code: 8246) together with its subsidiaries (collective namely the "Group") today announces that the first quarter results for the three months ended 31 March 2019 ("the Current Period"). Revenue of the Group for the Current Period amounted to approximately HK$134.8 million, representing an increase of approximately 98.7% year-on-year. Net profit and total comprehensive income attributable to the owners of the Company also recorded over 252.2% increase to approximately HK$13.1 million. The increase of revenue and net profit attributable to the owners of the Company were mainly contributed by the significant increase in revenue from the New energy business as generated from the trading of Liquefied Natural Gas during the Current Period. Basic and diluted earnings per share for the Current Period were both HK$0.37 cents, as compared to both HK$0.11 cent in the Corresponding Period.
During the Current Period, the Group is mainly focusing on providing new energy related services and operating LNG stations in Tianjin, the PRC. With the kick off of LNG trading in the fourth quarter of 2018, the New energy business revenue was mainly derived from the trading of LNG in the Current Period. During the Current Period, the Group managed to finish a number of heat supply consultancy projects and coal-to-gas construction contracts. Moreover, The Group is fostering a long term relationship with Tractebel Engineering S.A. ("Tractebel") and Tianjin Jinre Heat-Supply Group Co. Ltd ("Jinre Group") which may enable the Group to partner with strong industry elites for any possible cooperation in areas of technological and infrastructure-related business in the New energy industry.
Looking forward, the Group will gradually seek to expand the proportion of LNG trading segment, which is the main revenue source for the New energy business in the Current Period. The Group will continue to devote efforts and resources into the New energy segment to seize further business expansion. Given the high potentials in the LNG business, the Group will speed up the pace of development in the LNG supply via identifying suitable LNG suppliers (including overseas suppliers) and delivering the LNG products. Additionally, the Group has taken further steps in securing other new engineering projects, consultancy projects and even actively looking to pursue new partnerships and collaboration projects in areas of LNG trading, in particular the partnership with Tractebel, one of the world's largest engineering and consultancy companies.
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 diverse integrated new energy services including technological development, construction and consultancy services in relation to heat supply and coal-to-natural gas conversion, operation of liquefied natural gas stations, coupled with trading of new energy related industrial products. The Group is also engaged in the property investment business.
Jovian Communications Ltd
Tel: +852 2581 0168
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May 10, 2019 11:52 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Energy, Daily News
From the Asia Corporate News Network
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