Beijing Gas Blue Swings Back to Profit in 2018
Hong Kong-listed and China-focused gas distributor Beijing Gas Blue Sky Holdings reported March 28 a profit attributable to the owners of HK$260.7mn (US$33mn) in 2018. The company had recorded a loss of HK$12.5mn the year before.
Beijing Gas Blue recorded revenue of HK$2.14bn in 2018, representing growth of 48.1% year-on-year. The rise was driven by the city gas and LNG related businesses. Total gas sales and throughput volume increased by 898.4% year-on-year to approximately 5.12bn m3.
The company’s natural gas projects covered 14 provinces and autonomous regions in China, including Liaoning, Jilin, Hubei, Hebei, Shandong, Anhui, Zhejiang, Shaanxi, Guizhou, Hainan, Guangxi, Ningxia Autonomous Region, Shanxi and Beijing City.
Projects related to LNG import and other new opportunities, are planned for 2019, Beijing Gas Blue said. Last year, the company completed the acquisition of 29% in PetroChina Jingtang from Beijing Gas Group, which is Beijing Gas Blue’s largest shareholder. The acquisition gives Beijing Gas Blue access to PetroChina’s LNG terminals.
Beijing Gas Blue expects natural gas consumption to continue to grow steadily. Imported natural gas will continue to be a major source of growth for the supply, it said, adding it will strive to capture relevant opportunities arising from the growth in LNG import and the integration of pipelines in China.