By Tracy Qu
China Resources Gas shares fell sharply after the gas utilities company reported a decline in net profit for 2024.
Shares of the Hong-Kong listed company were down 19% to HK$22.70, equivalent to US$2.93, in morning trade, on track for their biggest daily percentage decline since 2008. The drop extends this year's losses to 26%.
The company, one of China's largest state-owned conglomerates, said on Friday after market closed that its net profit for 2024 reached HK$4.09 billion, representing a 22% drop from HK$5.22 billion in 2023.
Citi analysts noted in a research report that 2024 earnings were more than 20% below consensus estimates. They attributed the earnings decline to fewer new household connections and a reduction in connections from existing buildings.
Citi downgraded its rating for the stock to neutral from buy and lowered its target price to HK$29.00 from HK$32.10.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
March 31, 2025 00:42 ET (04:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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