Huadian Fuxin net profit jumps 22.5% in H1 2014

Aug 25, 2014 - Chinese coal, wind and hydropower plants operator Huadian Fuxin Energy Corp (HKG:0816) on Friday reported an attributable net profit of CNY 1.05 billion (USD 171m/EUR 129m) for the first half of 2014, up 22.5% on the year.

Performance during the period improved thanks to accelerated wind project development, new asset acquisitions, an improved cost structure and other factors. At the end of June, Huadian Fuxin had 3.63 GW of wind farms, 2.46 GW of hydropower capacity, 485.3 MW of solar plants, 160 MW of distributed energy projects, 25.3 MW of biomass facilities and 3.85 GW of coal-fired power plants.

The group’s operating profit for the reporting period increased by 13.6% year-on-year to CNY 2.56 billion, thanks to steady business growth, Huadian Fuxin said. Operating profit at the wind power division grew 12.1% to CNY 859.5 million.

January-June 2014 revenues stood at CNY 6.70 billion, up 8.5% on the same period of 2013. Wind power revenues rose by 14.9% to CNY 1.54 billion, while other clean energy sales grew 53% to CNY 507.2 million. Hydropower revenue jumped 7% to CNY 1.3 billion and coal-fired power revenues grew 4.5% to CNY 3.32 billion.

In its interim report Huadian Fuxin said its hydropower output has improved by 5.4% to 4.7 TWh, while wind power generation was 3.35 TWh or 13.4% more than a year ago. Other clean energy output jumped by 55% to 623.7 GWh and coal-fired power generation was 9.1 TWh, up 8.1%.

(CNY 1 = USD 0.163/EUR 0.123)

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