Half Year 2024 CLP Holdings Ltd Earnings Call Transcript
Key Points
- Strong start to the year with solid growth in the group's earnings and improved results from EnergyAustralia.
- Successful operational delivery with significant projects, including the 600 MW D2 unit in Hong Kong and the first fire at Tyler RFP in Australia.
- Financial position remains strong with S&P maintaining investment grade credit rating and a stable outlook.
- Operating earnings before fair value movements increased by 22% year on year to nearly HKD5.7 billion.
- Continued progress in zero-carbon growth in China and India, with strong performances in power demand and electrification.
- Intense competition in Australia resulted in a slight reduction in customer accounts.
- Higher interest costs in Hong Kong and higher tax expenses slightly impacted operating earnings growth.
- Reduced contribution from Mainland China due to major scheduled maintenance work at Daya Bay and Yangjiang nuclear plants.
- Unplanned customer minutes lost in Hong Kong impacted by extreme weather and power supply incidents.
- Ongoing intense retail competition and cost of living pressures in Australia may continue to affect margins.
Good afternoon, and welcome to CLP Holdings 2024 interim results briefing. My name is Marissa Wong, Director of Investor Relations. And today I'm joined by Chief Executive Officer, Mr. T.K. Chiang; and Chief Financial Officer, Mr. Alex Keisser. We launched our 2024 results with the Hong Kong Exchange today at around midday, those results as well as this presentation is available on our website now. This briefing is also being recorded and will be available on our website later.
Before we begin, please remember to read the disclaimer on slide 1, and to today's agenda, we'll follow the usual practice, which is T.K. to deliver the overview as well as the strategic outlook. Alex, to take you through our financial results and this will end with a Q&A session.
With that, I will now hand over to T.K. to commence the briefing. Thank you, T.K.
Thank you for joining us for our 2024 interim results briefing. I'm pleased
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