China gas distributor cuts annual sales target by 8.3%

China Gas Holdings (0384.HKG) has cut its natural gas sales target for the financial year by 8.3% to 11 billion cubic meters (bcm) due to China’s ongoing economic slowdown, South China Morning Post reported, citing a statement from the company’s president, Liu Minghui. But the projection still marks a 20.7% increase over the last financial year, and the company posted a 31% year-on-year rise in net profit to HK$3.37 billion (US$434.7 million) for the 12 months to March 31. It also unveiled a sales target of 14 bcm for the coming financial year.