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Jumat, 30 Agustus 2019 07:14:00

Beijing Gas Blue Sky Announces 2019 Interim Results

Net profit and revenue increased by 70.8% and 123.4% respectively year-on-year
Highlights Total gas sales volume increased significantly by 121.3% to 548.5 million cubic meters as compared with the same period of the previous year.

Revenue increased significantly by 123.4% to HK$1,882.6 million as compared with the same period of the previous year.
Gross profit increased significantly by 156.8% to HK$207.9 million as compared with the same period of the previous year. Gross profit margin increased to 11.0%.

Profit for the period attributable to owners of the Company significantly by 70.8% to HK$134.3 million as compared with the same period of the previous year.

Closing cash balances increased significantly by 74.1% to HK$490.3 million as compared with the same period of the previous year.

Operational cash flow turned to positive, net operational cash flow increased by HK$355.5 million to HK$99.2 million.
Earnings per share increased by 33.8% to HK1.03 cents.

HONG KONG, RIAUONE.com - 29 August 2019 - Beijing Gas Blue Sky Holdings Limited ("the Company" or "Beijing Gas Blue Sky", together with its subsidiaries, the "Group", HKSE stock code: 6828) announced its interim results for the six month ended 30 June 2019 ("HY2019").

In HY2019, the Group recorded total revenue of HK$1,882.6 million (HY2018: HK$842.6 million), representing a growth of 123.4% year-on-year, and recorded a profit attributable to owners of the Company amounted to HK$134.3 million (HY2018: HK$78.7 million), representing an increase of 70.8%.
 
During the Reporting Period, earnings per share were HK1.03 cents (HY2018: HK0.77 cents).

BUSINESS REVIEW
 
For the six months ended 30 June 2019 ("HY2019"), the Group's total gas sales volume increased by 121.3% as compared to the corresponding period of last year to 548.5 million cubic meters (HY2018: 247.9 million cubic meters) on the back of the gradual betterment of the Group's whole LNG value chain.

In HY2019, the gas sales volume from the subsidiaries amounted to 521.5 million cubic meters, representing a significant increase of 166.1% as compared to the corresponding period of last year (HY2018: 196.0 million cubic meters). In addition, the gas sales and throughput volume from the associates of the Group amounted to 3,267.3 million cubic meters. It was mainly attributable to natural gas throughput volume from Jingtang Liquefied natural gas (LNG) receiving terminal.
 
As at 30 June 2019, the Group's natural gas projects covered a total of 16 provinces, city and autonomous region in the PRC, namely Liaoning, Jilin, Hubei, Hebei, Shandong, Anhui, Zhejiang, Shaanxi, Guizhou, Hainan, Guangxi, Guangdong, Ningxia Autonomous Region, Shanxi, Beijing City and Shanghai City.
 
CITY GAS BUSINESS
 
As at 30 June 2019, the Group connected gas pipelines for 33,113 new users of 5 city gas projects during the period and the cumulative number of users reached 465,514, of which 32,987 were new residential users and the cumulative number of residential users reached 463,152. The Group secured 126 new industrial and commercial users and the cumulative number of industrial and commercial users reached 2,362.

The gas sales volume of city gas projects of the Group was 91.1 million cubic meters, representing an increase of 28.3% as compared to the corresponding period of last year. The Group recorded a revenue of HK$465.4 million, representing an increase of 43.7% as compared to the corresponding period of last year, primarily due to the increase in gas consumption of newlydeveloped industrial and commercial users of Shanxi and Liaoning projects and the increase in value-added service income.
 
DIRECT LNG SUPPLY BUSINESS
 
During HY2019, the Group provided industrial and commercial users with direct supply service covering Guangdong Province, Shanghai City, Shandong Province, Anhui Province, Hainan Province, Guizhou Province and Zhejiang Province, and 22.5 million cubic meters of natural gas (HY2018: 38.3 million cubic meters) were sold, recording sales income of HK$79.2 million (HY2018: HK$138.2 million). In HY2019, the decrease in gas sales volume of the business segment was due to the Group's business intergration.

In order to improve the operation quality of individual project and coordinate the strategic development of newly acquired projects, the Group proactively reduced several direct LNG supply projects which have poor operation quality and little synergy. The Group provided stable gas sources for existing industrial and commercial users of direct supply service by establishing the productive partnership with LNG suppliers from the Bohai Economic Rim and the Yangtze River Delta Economic Zone which will also be two focused market regions for the Group to conduct business in the future.

At the end of May 2019, the Group completed the acquisition of Zhejiang Bo Xin project serving nearly 100 industrial customers of direct supply service.

As there is high demand for LNG at the location of Zhejiang Bo Xin project, the Yangtze River Delta region, which is characterised by steady upstream gas sources and regular downstream industrial and commercial customers, the project has become a significant contributor to LNG consumption growth of the Group since the completion of the acquisition.(roc/red/*) #for information on collaboration publications, questions and other e-mails riauonemedia@gmail.com
RIAUONE.com

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