Beijing Gas Blue Ups 1H Profit
Chinese gas distribution firm Beijing Gas Blue Sky Holdings has almost tripled the profit attributable to owners of the company for the January-June (1H2018) period thanks to higher gas sales volume, it said August 30.
Company’s 1H2018 profit was HK$78.7mn (US$10mn) compared with HK$26.8mn in the year ago period. Revenue rose 23.6% year on year to HK$842.6mn. Total gas sales and throughput volume increased by 125.6% on year to 659.1mn m3, the company said. At present, Beijing Gas Blue’s natural gas projects cover Beijing, Ningxia Self Administrative Region and 11 other provinces in China. It owns a total of 34 gas refuelling stations for vehicles and five city gas projects. The company said it is in the process of acquiring city gas projects in Teng County, Guangxi autonomous region.
Going forward, Beijing Gas Blue said it will actively explore industry and market opportunities and would focus on city gas and LNG simultaneously. “On the one hand, the group will continue to generate stable revenue from city gas business segment, and on the other hand, it will seize the opportunity and actively explore a way to achieve more profits through the industry chain extension and supply chain finance of LNG segment, adapting itself to the current changing market and policy environment effectively,” it said.
Earlier this year, Beijing Gas Blue completed the acquisition of 29% equity interests 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.
"In the future, Beijing Gas Group, as the largest shareholder, will continue to bring rich industry and financial resources to the Group, which will help generate great advantage," it said.