HK Electric Profits Fall As Consumption Declines

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2018-03-13 HKT 17:54

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  • The power company expects a drop in electricity consumption due to increased conservation campaigns. File photo: RTHK

    The power company expects a drop in electricity consumption due to increased conservation campaigns. File photo: RTHK

Hong Kong Electric has posted a 7 percent fall in profit to HK$3.3 billion for last year, compared to 2016.

Revenue during the period rose 2 percent to just under HK$11.7 billion while sales volume recorded a decline of 1.6 percent.

The company said it believes electricity consumption in Hong Kong will continue to decrease as a result of increasing awareness of energy conservation.

The power company said its key priority over the coming months is to finalise all outstanding items associated with the new profit agreement with the government, including the introduction of feed-in tariffs.

Shares of Hong Kong Electric closed 0.3 percent higher following the earnings announcement.