Hongkong Electric/2000 results -- 2 (group's prospects excellent: chairman)

In a statement releasing the company's results, chairman George C. Magnus said 2001 will be "another step forward in the new era of overseas growth", adding that the group's future prospects are excellent. With the economic recovery in Hong Kong, the company should see a further increase in unit sales of power in 2001, which in turn will support steady revenue growth, he said. "We will continue to actively examine suitable opportunities overseas and increase our emphasis on overseas investment," Magnus said. He said the company was able to limit the necessary tariff increase for 2001 to 4.87 pct and avoid any increase for low-usage customers. On the proposed Lamma power station extension, he said the project has made a good start and sensible checks and balances have been agreed with the government to ensure that new generating capacity comes on-stream in line with demand growth. He said the company is looking at potential synergies between ETSA Utilities in South Australia and neighbouring Powercor Australia Ltd systems in Victoria, Australia. "Both businesses have demonstrated their potential to exceed our initial projections in the future," he said.

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