China Gas Industry Investment Holdings Co (HKSE:01940) Operating Income : HK$210 Mil (TTM As of Dec. 2023)

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What is China Gas Industry Investment Holdings Co Operating Income?

China Gas Industry Investment Holdings Co's Operating Income for the six months ended in Dec. 2023 was HK$106 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was HK$210 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. China Gas Industry Investment Holdings Co's Operating Income for the six months ended in Dec. 2023 was HK$106 Mil. China Gas Industry Investment Holdings Co's Revenue for the six months ended in Dec. 2023 was HK$857 Mil. Therefore, China Gas Industry Investment Holdings Co's Operating Margin % for the quarter that ended in Dec. 2023 was 12.33%.

Warning Sign:

China Gas Industry Investment Holdings Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -3.5%.

China Gas Industry Investment Holdings Co's 5-Year average Growth Rate for Operating Margin % was -3.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. China Gas Industry Investment Holdings Co's annualized ROC % for the quarter that ended in Dec. 2023 was 8.91%. China Gas Industry Investment Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 8.89%.

China Gas Industry Investment Holdings Co Operating Income Historical Data

The historical data trend for China Gas Industry Investment Holdings Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

China Gas Industry Investment Holdings Co Operating Income Chart

China Gas Industry Investment Holdings Co Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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213.06

56.20

53.43

195.61

210.26

China Gas Industry Investment Holdings Co Semi-Annual Data
	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial							52.62	77.36	121.91	104.68	105.58

China Gas Industry Investment Holdings Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$210 Mil.

China Gas Industry Investment Holdings Co (HKSE:01940) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

China Gas Industry Investment Holdings Co's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	211.164 * ( 1 - 12.39% )	/	( (2055.899	+	2095.085)	/ 2 )
=	185.0007804	/	2075.492
=	8.91 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2874.91	-	559.674	-	( 375.553	-	max(0, 852.528	-	1111.865	+	375.553	))
=	2055.899

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2704.873	-	407.853	-	( 221.619	-	max(0, 730.904	-	932.839	+	221.619	))
=	2095.085

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

China Gas Industry Investment Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	171.214	/	( ( (1753.569 + max(166, 0))	+	(1722.584 + max(208.574, 0)) )	/	2 )
=	171.214	/	( ( 1919.569	+	1931.158 )	/	2 )
=	171.214	/	1925.3635
=	8.89 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(706.081	+	10.099	+	19.233)	-	(559.674	+	0	+	9.739)
=	166

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(594.926	+	10.619	+	17.691)	-	(407.853	+	0	+	6.809)
=	208.574

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

China Gas Industry Investment Holdings Co's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	105.582	/	856.512
	=	12.33 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

China Gas Industry Investment Holdings Co Operating Income Related Terms

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China Gas Industry Investment Holdings Co (HKSE:01940) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » China Gas Industry Investment Holdings Co Ltd (HKSE:01940) » Definitions » Operating Income

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Traded in Other Exchanges

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Address

No. 9 Binhe Road, Lubei District, Hebei Province, Tangshan, CHN

Website

https://www.cgiiholdings.com

China Gas Industry Investment Holdings Co Ltd is an industrial gas supplier in the Jing-Jin-Ji Region. It is focused on the supply of pipeline industrial gas and liquefied industrial gas and also operates an LNG-related business which includes the supply of LNG and provision of gas transmission service relatively small scale. The company produces and supplies liquefied industrial gas to offsite independent end-user customers. Its segments include the Supply of industrial gas; Liquefied natural gas (LNG) and gas transmission service.

Executives

Hong Kong Kaiyuan Import & Export Co., Limited	2101 Beneficial owner
Temasek Holdings (private) Limited
Shang Hai Hui Tang Zhi He Tou Zi You Xian Gong Si	2201 Interest of corporation controlled by you
He Gang Ji Tuan You Xian Gong Si	2201 Interest of corporation controlled by you
He Gang Gu Fen You Xian Gong Si	2201 Interest of corporation controlled by you
Han Dan Gang Tie Ji Tuan You Xian Ze Ren Gong Si	2201 Interest of corporation controlled by you
Huitang Zhihe (hong Kong) Co., Limited	2101 Beneficial owner
Thomson Capital Pte. Ltd.
Tembusu Capital Pte. Ltd.
Anderson Investments Pte. Ltd.
Springleaf Investments Pte. Ltd.
Huang He Investment Limited	2201 Interest of corporation controlled by you
Citp Gp I Ltd	2201 Interest of corporation controlled by you
China Infrastructure Partners, L.p.	2201 Interest of corporation controlled by you
China Gas Investors Ltd.	2101 Beneficial owner

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