CLP Holdings, one of Hong Kong’s two power utility companies, said it saw growth opportunities in a proposed industrial park in Tuen Mun, as it reported a decline in first-half net profit on Monday.
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In July, the city’s government proposed reserving 301 hectares of land in Tuen Mun for industrial development, including 145 hectares of reclamation in Lung Kwu Tan and 45 hectares in Tuen Mun West, as well as 111 hectares of replanned space.
The area to be reclaimed is equivalent to 10 Victoria Parks in Causeway Bay. The industrial park is located near CLP’s Castle Peak and Black Point Power Stations, both in the New Territories.
“If this industrial park is developed, [CLP] would become one of the major facilities that will provide electricity,” said Chiang Tung-keung, chief executive officer of CLP Holdings, on Monday. “As it is close to our power station, I’m sure that the work that we need to do to provide sufficient supply would not be that significant.”
“I’m looking forward to such paths being realised,” he said.
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Chiang spoke after the company said its first-half net profit fell 5.5 per cent from a year earlier to HK$5.62 billion (US$715.9 million). The quarter included one-time items, mainly related to the Wooreen Energy Storage System project in Australia, the company said in a statement.
Operating earnings before fair-value movements fell 8 per cent in the first half to HK$5.23 billion, according to the company’s interim results.