China Power New Energy's H1 net profit jumps 86%

Wind farm. Author: Maret Hosemann. License: Creative Commons. Attribution 2.0 Generic

August 24 (SeeNews) - China Power New Energy Development Co Ltd (HKG:0735) saw its attributable net profit for the first half of 2016 grow by 86.45% year-on-year to CNY 284.8 million (USD 42.7m/EUR 38.8m).

The company said in a statement last week that its performance improved thanks to the new natural gas power, waste-to-energy and photovoltaic (PV) plants it added to its operational portfolio in January-June. 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 factors to have positive impact on its first-half performance was the relatively abundant rainfall during the period under review, which boosted hydropower generation notably.

China Power New Energy posted a CNY-638.5-million operating profit for the period, up 55.69% on the year.

The company's first-half revenues climbed to CNY 2.31 billion from CNY 1.23 billion in 2015. The natural gas power segment accounted for CNY 1.42 billion in revenues, while the rest was mostly from renewables.

At the end of June, the renewables firm had an attributed installed power generation capacity in operation of 3,650.1 MW, including 1,429.5 MW of wind and 1,300 MW of gas-fired plants. It also had 595.8 MW of hydropower plants (HPP), 228.2 MW of photovoltaic (PV) facilities and 78 MW of waste-to-energy sites in operation. China Power New Energy has projects with a combined attributable installed capacity of 842.75 MW under construction.

(CNY 1.0 = USD 0.150/EUR 0.136)

More stories to explore
Share this story
About the author
Browse all articles from Militsa Mancheva

Militsa is mainly focused on the Chinese market and the rest of Asia with solar energy and offshore wind as her mantras.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription