China's GD Power net profit falls 5.67% in H1 2014
Aug 25, 2014 - Chinese utility GD Power Development Co Ltd (SHA:600795) said Saturday its net profit for the first half of 2014 has fallen by 5.67% on the year to CNY 2.97 billion (USD 483m/EUR 366m).
The company, which operates thermal, wind and hydropower plants, explained the drop with 55.5% higher income tax expenses.
Basic earnings per share stood at CNY 0.170.
At the same time gross profit for the first six months of 2014 grew 9.4%. The company attributes the good result mainly to the lower coal prices, which led to a 19.3% jump in gross profit from the thermal power sector. This was partially offset by a 20.3% drop in gross profit from the hydropower segment, due to a fall in both hydropower generation and prices and consequently to lower revenues.
GD Power’s revenues for the reporting period stood at CNY 31.07 billion, down 2.17% year-on-year.