Page 6 - Sphere No.9 (Sep 2003)
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S
PHERE
4
H U T C H I S O N U P D A T E S
News
bites
E N E R G Y & I N F R A S T R U C T U R E
CKI toTest-Drive “Green” Bus
On the back of record earnings
in the first quarter,
Husky Energy
again
posted strong results for Q2. Benefiting
from strong oil and gas prices and increased
production, Husky in July reported record
net earnings of C$427 million
(approximately US$309 million) or C$1.05
per share (diluted), compared with C$263
million or C$0.64 per share (diluted) in the
second quarter of 2002.
Cash flow from operations amounted to
C$540 million, or C$1.27 per share
(diluted), up from C$498 million or C$1.17
per share (diluted) in the corresponding
period last year.
The main contributors to the company’s
financial performance were strong
commodity prices, foreign exchange gains
on US denominated debt translation and
lower tax provisions.
Reflecting the record earnings, Husky
declared a Q2 dividend of C$0.10 per share
on its common shares, representing an
increase of approximately 11% per share
from the Q1 dividend of C$0.09 per share.
Additionally, the Board of Directors
declared a special cash dividend of C$1.00
per share on its common shares, resulting
in a total gain of C$161
million for
HWL
,
which
owns
35%
of Husky.
Husky Energy
in June announced a C$2
million (approximately US$1.5 million)
endowment for the establishment of the
Husky Energy Chair in Oil and Gas Research
at
Memorial University of Newfoundland
on the East Coast of Canada.
The research will focus on the utilisation of
seismic imaging to enhance the interpretation
of porosity and permeability within reservoirs.
In a bid to promote the use of cleaner fuels
and improve air quality,
Cheung Kong
Infrastructure
(CKI) has joined forces with
affiliate company Canadian-listed
Stuart
Energy
to test an environmentally friendly
hydrogen-powered bus in Hong Kong.
This world-first hydrogen-powered internal
combustion engine bus will primarily be used
to provide transportation for staff at Green
The unaudited consolidated profit of
Hongkong Electric Holdings
for the six
months to June 30, 2003 amounted to
HK$2,193 million (approximately US$281
million), 5.9% lower than the same period
last year.
Turnover was HK$5,207 million compared to
HK$5,156 million previously.
Earnings per share were HK$1.03 compared
with HK$1.09 in the corresponding period last
year and the interim dividend was unchanged
at HK$0.58.
For full results see
financial/result03/contents.htm
Academic Funding
HKE Results
Record Results
for Husky
The unaudited consolidated profit of
Cheung
Kong Infrastructure
for the six months to
June 30, 2003 amounted to HK$1,403 million
(approximately US$179.8 million), 8.5%
higher than the same period last year.
Turnover was HK$770 million compared to
HK$1,028 million (restated) previously.
Earnings per share were HK$0.62 compared
with HK$0.64 (restated) in the corresponding
period last year and the proposed interim
dividend was unchanged at HK$0.215.
For full results see
/
CKI Lifts Profits
T E L E C O M S
Fit for a Princess:
Stephen Sun
(right)
,
President & CEO of
Hutchison CAT
Wireless MultiMedia
, presents a
Hutch
Wireless Card to Thailand’s HRH
Princess Maha Chakri Sirindhorn at the
ICT & CAT booth during the “@home
03 by IT Trade” exhibition which Hutch
was invited to jointly host in July.The
Princess also received a Hutch
CDMA2000 1X terminal, Sanyo
SCP550 from Dr Surapong
Suebwonglee, the Information and
Communication Technology Minister
(centre)
.
Israel-based
Partner
Communications
reported
continued improvements in operational
and financial performance in its Q2
results. Partner’s Q2 2003 revenues
totalled NIS1,077.2 million
(approximately US$249.8 million),
up 8.6% from NIS991.6 million in
Q2 2002.
EBITDA rose to NIS348.2 million, up
30.5% from NIS266.8 million in Q2
2002 while operating profit soared 58%
to NIS218.0 million, up from NIS138.0
million for Q2 2002. Net income rose to
NIS155.1 million from NIS25.2 million
for Q2 2002. Subscriber numbers
increased 14.4% to 1,949,000. Market
share was estimated at 29%, up 1%.
ISRAEL
Partner Profits Rise
Island Cement (a CKI subsidiary) in Tuen Mun.
The fuel will be generated at the cement plant
through a process of electrolysis, which draws
hydrogen from water.The prototype bus,
powered by
Ford’s
newly developed 2.3-litre
internal combustion engine, will be delivered
before the end of the year.Technical feasibility
and cost effectiveness will be assessed over a
12-month period.
