China Suntien's H1 net profit grows 36.7%

Ningxia wind farm using Goldwind turbines. Author: Land Rover Our Planet. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

August 29 (Renewables Now) - China Suntien Green Energy Corp (HKG:0956), the wind and natural gas company, on Tuesday reported net profit attributable to owners of the company of CNY 822 million (USD 120.4m/EUR 103.2m) for the first half of 2018, up 36.7% from a year ago.

Revenue rose of 50.2% to CNY 4.84 billion. At the wind power segment, sales revenue increased 23.1% of CNY 1.84 billion on higher electricity sales as power generation rose 21.76% to 4.176 billion kWh, reflecting additional operating capacity and increased utilisation hours. The segment's profit from operations was up 26.6% to CNY 1.23 billion. The company's wind power consolidated installed capacity was 3,544.45 MW, compared to 3,159.55 MW a year ago. It has 626.5 MW under construction, including of 438.5 MW of onshore and 188 MW of offshore projects.

Natural gas sales revenue rose 73.8% to CNY 3 billion, while profit from operations inched up 1.2% to CNY 132 million.

(CNY 10 = USD 1.456/EUR 1.255)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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