Well-to-do neighbours

235

Shipping and property conglomerate Zhuhai Holdings Investment Group Limited registered RMB25.13 million (MOP30.6 million/US$3.8 million) in profit for the first half of the year, 30.5 per cent year-on-year, the group’s unaudited financial results reveal.
The group’s total revenue fell by around 16 per cent yearly during the period to reach RMB1.24 billion.
This yearly decrease was attributed to the company’s decision to reduce the proportion of receivables for the fuel wholesale business under the city energy supply segment in the fund in order to reduce business risks.
Nevertheless, according to the filing, the group’s expansion of its business volume of product oil retail still allowed an incremental increase in its unaudited consolidated profit.
The group provides energy supply businesses through Zhuhai Jiuzhou Energy Co., Ltd. (Jiuzhou Energy Company) – a wholly owned subsidiary of its ferry company Zhuhai High-speed Passenger Ferry Co., Ltd.
According to the release, the sales volume of the product oil retail business in the first half of this year went up 22 per cent yearly to 12,000 tonnes, while the product oil wholesale business plunged 38 per cent year-on-year to 197,000 tonnes.
‘The product oil wholesale business has been extended to Qinzhou, Hangzhou, Fushun, Nantong, among other cities, through effective business expansion,’ the release announced.
As of June 30, the group owned RMB6.88 billion in properties under development in non-current and current assets, representing 59.6 per cent of its total RMB11.56 billion in assets.