Towngas China's profit surges 64.4% in 2010

Towngas China Co Ltd, a subsidiary of The Hong Kong and China Gas Co Ltd, has announced that its net profit attributable to shareholders reached HK$436 million in 2010, up 64.4% year on year from HK$265 million, according to a statement filed with the Hong Kong Stock Exchange. Last year, Towngas China reaped HK$2.98 billion in operating revenue, up 2.6% from a year earlier. Earnings per share were 19.93 HK cents and a final dividend of 3 HK cents per share has been declared.

Towngas China said it acquired a total of six projects in Liaoning Province and Zhejiang Province from The Hong Kong and China Gas, as well as another eight projects in 2010. The eight projects are expected to have an annual gas output capacity totaling 500 million cubic meters after five years. In early this year, Towngas China also acquired two projects in Jiangxi Province with a final output capacity totaling 150 million cu m of natural gas, sources reported.