Power Assets Holdings Ltd., the Hong Kong utility controlled by billionaire Li Ka-shing, boosted its first-half profit by 47 percent to a record because of faster growth in earnings outside the city.
Net income for the six months ended June 30 rose to HK$4.1 billion ($637 million), or HK$1.9 a share, from HK$2.8 billion yuan, or HK$1.29 yuan, the company said in a statement to the Hong Kong stock exchange. That compares with a median estimate of HK$3.9 billion in a Bloomberg News survey of three analysts.
Power Assets has made overseas acquisitions to counter lower returns in Hong Kong. The utility formerly known as Hongkong Electric Holdings Ltd. was among the group of companies controlled by Li that bought the Electricite de France SA’s assets in October for 5.8 billion pounds ($9.5 billion).
“For the first time the proportion of earnings derived from activities outside Hong Kong exceeded earnings from our Hong Kong operations,” Power Assets said in the statement today.
Earnings from the company’s operations outside Hong Kong more than doubled to HK$2.3 billion in the first half, it said.