Huadian Fuxin says profits grow 11.7% y/y in H1 2015

Chinese power plant operator Huadian Fuxin Energy Corp (HKG:0816) posted an attributable net profit of CNY 1.17 billion (USD 182m/EUR 158m) for the first half of 2015, up 11.7% on the year.

The company explained that the improvement in its bottom line result can be mainly attributed to the higher operating profit of its wind division coupled with a certain gain from its Fuqing nuclear power scheme.

Huadian Fuxin’s total operating profit for the reporting period slightly fell by 0.8% year-on-year to CNY 2.54 billion, due to lower electricity sales from its thermal and hydropower plants (HPP). The decrease was offset by significantly higher wind and solar operating profits.

January-June revenue topped CNY 7.49 billion, growing by 11.9% as compared to the same six months of 2014, Huadian Fuxin said in its financial statement on the Hong Kong Stock Exchange.

As at the end of June 2015, the firm’s attributable consolidated installed capacity amounted to 12,169.3 MW. This includes 4,550.9 MW of wind parks, 3,890.4 MW of coal-fired plants, 1,817.6 MW of HPP, 735.7 MW of solar farms and 1,174.7 MW of other renewable energy facilities. Huadian Fuxin’s gross power generation for the first six month of the current year grew by 3% to 18,361,536.5 MWh.

(CNY 1.0 = USD 0.156/EUR 0.135)

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