HONG KONG, Jan 28, 2011 - (ACN Newswire) - Binhai Investment Company Limited (the "Binhai Investment" or "Group", stock code: 8035.HK) is pleased to announce its results for the nine months ended 31 December 2010 (the "Period under Review").
Results Highlights for the three months ended 31 December 2010
-- Total sales revenue amounted to HK$333 million, up 83%
as compared with the corresponding period in 2009
-- Profit for the period amounted to HK$17.69 million, up 156%
as compared with the corresponding period in 2009
-- Profit attributable to shareholders of the Group was HK$17.4
mil, up 173% as compared with the corresponding period in 2009
Results Highlights for the nine months ended 31 December 2010
-- Total sales revenue amounted to HK$817 million, up 61% as
compared with the corresponding period in 2009
-- Gross profit amounted to HK$120 million, up 47% as compared
with the corresponding period in 2009
-- Excluding the one-off waiver of interest of HK$225 million and
the income tax expense on interest waived, the profit for the
period increased by 83% and the profit attributable to
shareholders of the Group increased by 88.6%, respectively as
compared with the corresponding period in 2009
-- The Group's total gas pipeline network was approximately 924
kilometers, representing an increase of 106 kilometers, and
the connection service fees rose by 31%.
-- Piped gas sales income increased by 36% as compared with the
corresponding period in 2009
During the third quarter of 2010, the Group achieved outstanding financial performance with profit for the period amounting to HK$17.69 million, representing a sharp increase of 156% as compared with the corresponding period in 2009. For the nine months ended 31 December 2010, the Group's total sales revenue amounted to HK$817 million and gross profit amounted to HK$120 million, representing increases of 61% and 47% respectively as compared with the same period in 2009. Excluding the one-off waiver of interest of HK$225 million and the income tax expense on interest waived of HK$17.4 million, the profit for the period increased by 83% and the profit attributable to the shareholders of the Group increased by 88.6%, respectively as compared to the corresponding period in 2009.
Financial Review
During the Period under Review, the Group's total sales revenue amounted to HK$817 million, representing an increase of 61% as compared with the same period in 2009. In particular, the piped gas sales income increased by 36% and the connection service fees increased by 31%, both maintaining rapid growth. Excluding the one-off waiver of interest of HK$225 million and the income tax expense on interest waived of HK$17.4 million, the Group's profit for the period surged by 83% from the corresponding period in 2009, and the gross profit increased by 47% from the corresponding period in 2009 to HK$120 million.
Connection Services
The Group constructs gas pipelines for its clients and connects their pipelines to the Group's main gas pipeline networks, and charges connection service fees from industrial and commercial customers, property developers and property management agents. As at 31 December 2010, the Group's total gas pipeline network was approximately 924 kilometers, representing an increase of 106 kilometers of the pipeline network from 818 kilometers as at 31 March 2010. For the nine months ended 31 December 2010, the connection service fees of the Group amounted to approximately HK$160,440,000, representing an increase of HK$38,274,000 or 31% as compared to HK$122,166,000 for the same period last year.
Piped Gas Sales
For the nine months ended 31 December 2010, consumption of piped gas by residential and industrial customers amounted to approximately 733 mega-joules and 3,385 mega-joules respectively, representing increases of 13.1% and 36.1% respectively as compared to 648 mega-joules and 2,486 mega-joules for the same period last year. For the nine months ended 31 December 2010, the piped gas sales income of the Group amounted to HK$328,875,000, representing an increase of HK$241,572,000 or 36% from the same period last year, which was due to the gradual escalation of gas consumption as result of the increased connected households.
Prospects
With the continued economic growth in the PRC, especially in Tianjian and the increasing demand for energy in the PRC, coupled with the PRC government encouraging and advocating energy saving and emission reduction in its "12th Five-Year Plan", natural gas as a clean energy will see enormous market potential. During the year, the Group will make good use of the established favorable industry foundation for its rapid development and to achieve a steady increase on gas-related business. In addition, the rapid development of Binhai New Area provides a wide range of opportunities and a suitable platform for the Group's long-term development. With an outstanding operation management team, stable natural gas resources and good business relationships with cooperative partners and local governments in various areas, the Group has full confidence in its future prospects.
Contact:
Wonderful Sky Financial Group Limited
Joanne Chan
joannechan@wspr.com.hk
Jonathan Yang
jonathanyang@wsfg.hk
Scarlett Shi
scarlettshi@wsfg.hk
Tony Chen
tonychen@wsfg.hk
Tel: +852 2851 1038
Fax: +852 2815 1352
Topic: Earnings
Source: Binhai Investment Company Limited
Sectors: Daily Finance, Energy, Alternatives
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