China Resources Power posts 77.6% rise in H1 profit

Aug 19, 2013 - Wind, hydro and thermal power plants operator China Resources Power Holdings Co Ltd (HKG:0836) today reported a HKD-5.33-billion (USD 687m/EUR 516m) profit for the first half of 2013, marking an year-on-year jump of 77.6%.

The improvement was the result of higher revenues, lower fuel costs, good performance at the company's joint ventures and foreign currency gains, it noted.

Basic earnings per share were HKD 1.1257, compared to HKD 0.6320 previously. The company will distribute a dividend of HKD 0.08.

Operating profit rose to HKD 8.34 billion from HKD 5.11 billion.

China Resources Power’s revenues grew to HKD 32.35 billion from HKD 30.95 billion in the first half of 2012. For the reporting period total gross generation climbed by 9% on the year to 88,857,686 MWh.

At the end of June, China Resources Power operated 26.06 GW of capacity, mostly coal-fired installations. The total also includes 2.4 GW of wind farms, while there are 699 MW of wind projects under construction. Hydropower capacity was 280 MW.

(HKD 10 = USD 1.290/EUR 0.968)

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