China Power New Energy guides for higher profits in H1 2016

Solar panels in China. Featured Image: zhu difeng/Shutterstock.com

August 1 (SeeNews) - China Power New Energy Development Co Ltd (HKG:0735) said Friday it expects to book a “significant increase” in its net profit for the first half of 2016 as compared to the CNY-152.5-million (USD 22.9m/EUR 20.8m) result a year back.

The company explained that the projected improvement in its bottom line can be attributed to the new natural gas power, waste-to-energy and photovoltaic (PV) plants it added to its operational portfolio in January-June. Based on preliminary statistics, China Power New Energy also benefited from a significant decrease in natural gas costs.

The firm operates hydropower, wind, natural gas, solar power and waste-to-energy plants. Among other factor to have a positive impact on its first-half 2016 performance was the relatively abundant rainfall during the period under review, which boosted its hydropower generation notably, according to the statement.

At the end of December 2015, the company had an attributed installed power generation capacity in operation of 2,621 MW, including 1,429.5 MW of wind. It also had 595.8 MW of hydropower plants (HPP), 140 MW of PV facilities and 54 MW of waste-to-energy sites in operation. In addition, China Power New Energy had projects with a combined attributable installed capacity of 1,798 MW under construction.

China Power New Energy expects to release an audited financial report for the six months through June later this month.

(CNY 1.0 = USD 0.150/EUR 0.136)

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