Dongfang Electric's H1 profit declines by 4.65%

Aug 28, 2013 - Chinese power-generating equipment maker Dongfang Electric Corp (HKG:1072) today posted a net profit of CNY 1.19 billion (USD 194m/EUR 145m) for the first half of 2013, down 4.65% on the year.

The company, which makes new energy generation products, wind and hydropower machines, environmental protection and other equipment, saw operating profit decline to CNY 1.39 billion from CNY 1.43 billion previously. The high efficiency and clean energy segment posted an operating profit of CNY 1.98 billion, down from CNY 2.40 billion, while the new energy segment boosted its result to CNY 785.3 million from CNY 750.2 million. Operating profit at the hydropower and environmental protection division was CNY 421.9 million, or above last-year’s CNY 408.4 million.

Dongfang Electric’s revenue for January-June inched up 2.28% to CNY 20.50 billion. More specifically, revenue from the wind power equipment business was CNY 4.18 billion, compared to CNY 3.38 billion a year ago. The company’s water energy operations brought sales of CNY 1.58 billion, down from CNY 1.58 billion.

In the first half of the year, Dongfang bagged CNY 20.2 billion in orders -- 66.8% for high-efficiency clean energy equipment, 4.7% for new energy, 6.3% for water energy and environmental protection and 22.2% for engineering and services.

(CNY 1 = USD 0.163/EUR 0.122)

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