On Wednesday, the company said its full-year net income fell 8 per cent to HK$5.7 billion (US$733.6 million) from HK$6.1 billion a year earlier. Analysts polled by Bloomberg expected a profit of HK$6.2 billion. The company said its core operating profit increased 5 per cent to HK$5.9 billion.
Revenue for the year fell 2.6 per cent to HK$55.5 billion; analysts expected HK$57.7 billion.
Towngas’ overall gas sales volume in Hong Kong increased 0.1 per cent last year after a decline in 2023 due to above-average temperatures and residents spending more time out of the city.
Gas sales in 2024 were affected by record temperatures and more residents travelling to the mainland, the company said. On an earnings call, managing director Peter Wong Wai-yee said the increase in gas sales was attributable to a recovery in the hospitality and aviation industries.
