CLP Holdings sales up 16% to HK$43.5bln

Hong Kong, Australian power demand recovers as the utility invested in power projects in some Asian countries.

CLP Holdings Ltd., the biggest power supplier in Hong Kong, said revenue rose 16 percent in the first nine months as a recovery in the city’s economy boosted consumption and demand in Australia increased.

Sales climbed to HK$43.5 billion ($5.6 billion) from HK$37.6 billion a year earlier, CLP said in a statement to the Hong Kong stock exchange on Monday. Sales in the city rose 4.3 percent to HK$21.9 billion.

The gains in Hong Kong were “supported by the commercial sector and the infrastructure and public services sector, which benefited from the economic recovery and improved consumer sentiment,” according to the statement.

The utility has invested in power projects in mainland China, Australia, India, Vietnam and Taiwan to tap demand in the world’s fastest-growing region. CLP’s revenue from its power business in Australia jumped 36 percent to HK$19.2 billion in the nine-month period from a year earlier.

The shares have surged 22 percent this year in Hong Kong trading, beating the 7.8 percent increase in the benchmark Hang Seng index. CLP rose 1.4 percent to HK$63.90 at the midday break, before the revenue announcement.

Third-quarter revenue climbed 12 percent to HK$15.9 billion from a year earlier, according to Bloomberg calculations made by subtracting sales for the first half from the nine-month figure released on Monday.

View the full story in Reuters.