China Power New Energy lifts H1 2013 net profit

(SeeNew) - Aug 16, 2013 - China Power New Energy Development Co Ltd (HKG:0735) said yesterday it had boosted its net profit to CNY 167 million (USD 27m/EUR 20m) in the first half of 2013 from CNY 135.8 million a year ago.

The company, which develops and operates hydropower, wind, natural gas, solar power and waste-to-energy facilities, said net profit attributable to equity holders had improved to CNY 157.9 million from CNY 123.9 million. Operating profit rose to CNY 350.6 million from CNY 324.9 million as a result of the addition of new capacity and lower fuel costs.

China Power New Energy's revenues in the six months rose to CNY 882.2 million from CNY 834.3 million in the same period of 2012 thanks to the better results of certain wind power facilities, as well as higher revenue from solar and new hydropower plants.

The firm's net current assets at the end of June stood at CNY 490.5 million, down from CNY 1.57 billion, while liabilities increased to CNY 9.2 billion from CNY 8.8 billion.

At the end of June China Power New Energy owned plants with a combined installed capacity of 2,038.1 MW. In addition, it had 649.5 MW of wind projects under development.

(CNY 1.0 = USD 0.164/EUR 0.123)

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