China Gas to Exceed 5.2 bln cu m Sales Target

China Gas Holdings Ltd, a natural gas service provider, aims to exceed the gas sales target of 5.2 billion cubic meters in fiscal year ending March 31, 2012, said Joint Managing Director Eric Leung.

Leung added that the company has allocated between HK$1 billion and HK$1.2 billion in capital expenditure for this fiscal year, slightly more than HK$1 billion from a year earlier.

Hong Kong-listed China Gas also expects to sell around 6.2 billion cu m of natural gas in next fiscal year ending March 31, 2013.

The Chinese gas supplier saw its net profit jump four folds to HK$370 million in the first half of this fiscal year ending September 30, 2011, and its revenue soared 21% from a year earlier to HK$7.91 billion.

In the first six months of this year, the company's earnings per share were 8.52 HK cents and no dividend was declared. Gross profit margin was 20.5% in the reporting period, more than 18.9% from a year earlier, sources reported.

(chinaknowledge.com)