HK-listed power supplier CLP warns of loss; shares hit lowest in over 2 years
21/06/2022 04:09
** Shares of power supplier and investor CLP Holdings
0002.HK drop as much as 6.3% to HK$67.95, their lowest and
biggest daily pct decline since March 2020
** Stock on course for 12th consecutive session of fall; the
biggest percentage decliner in Hang Seng Index .HSI , Hang Seng
Utilities Index sector .HSNU and Hang Seng Composite Index
tracking utilities .HSCIU
** CLP expects to record a consolidated loss for the six
months ending on June 30, amid substantial "unfavourable fair
value movements" on forward contracts of its EnergyAustralia
unit
** Says the company's accounting earnings have been
adversely affected by the challenging and extreme energy markets
conditions in Australia
** Says the unfavourable fair value loss from
EnergyAustralia amounted to HK$7.2 bln ($917.21 mln) for five
months ended in May urn:newsml:reuters.com:*:nFWN2Y5024
** Hang Seng Composite Index tracking utilities .HSCIU
eases 0.7%, Hang Seng Utilities Index sector .HSNU falls 1.6%
while Hang Seng Index .HSI climbs 1%%
** As of last close, the stock had slid 7.9% this year
($1 = 7.8499 Hong Kong dollars)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))