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Hong Kong's CLP says profits hard to find in Australia, China

Unfavorable energy prices hit first-half earnings

CEO Richard Lancaster, second left, and Vice Chairman Betty Yuen So Siu Mai, second right, discussed CLP's first-half results on Aug. 7. (Photo by Joyce Ho)

HONG KONG -- Regional electricity provider CLP Holdings said Monday trading conditions in Australia and China -- its two biggest markets outside Hong Kong -- remain tough after operations in those countries dragged down the company's bottom-line in the first half.

CLP, short for China Light and Power, posted a 3.5% year-on-year decline in net profit to 5.91 billion Hong Kong dollars ($760 million) in the six months ended June. Revenue grew 12% but expenses rose 15% in the period.

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