CLP Holdings Limited reported a non-cash HK$6,381 million impairment of goodwill attributable to EnergyAustralia’s retail business.

"Australia is an important but challenging market and after a period of strong growth, EnergyAustralia has seen softer results in this period. This has been largely due to lower electricity production from our major power plants and intense competition in our retail business," the company said

"While constraints on electricity production from EnergyAustralia’s power plants are likely to ease in the second half, as we announced in June, the new regulatory regime introduced for electricity tariffs on 1 July will result in a decrease in the second half earnings from the retail segment. This is likely to be a headwind for our business for some time. Nonetheless, our work over the last five years to restructure the company, appoint strong management and focus intensely on the customer gives us a good platform for maintaining a valuable and robust presence in the market," the company said

See the company's financial report for more

Tags:
Australia   EnergyAustralia  

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