Wind helps China Longyuan lift 2017 profit

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

March 19 (Renewables Now) - Power producer China Longyuan Power Group Corp Ltd (HKG:0916) on Monday reported a net attributable profit for 2017 of CNY 3.85 billion (USD 606.5m/EUR 492.6m), rising 8.4% on the year, mainly thanks to its wind power business.

The Chinese company’s cumulative installed power capacity stood at 20.52 GW at end-2017, including 18.4 GW of wind and 1.88 GW of coal-fired power plants. The capacity of its other renewable energy assets totals 250 MW.

The operating profit of China Longyuan’s wind division increased to 19.8% year-on-year to CNY 7.92 billion due to a rise in power sales. The growth in this segment offset a 49.8% drop in the operating profit of the coal power business to CNY 450 million.

Details on China Longyuan’s performance in 2017 are available in the table.

Figures in CNY million 2017 2016
Net profit attributable to equity holders 3,846 3,549
Net profit of the Group 4,550 4,490
Operating profit 8,337 7,548
 - from wind 7,915 6,609
 - from coal 450 896
Operating revenues 24,592 22,304
 - from wind 16,072 14,491 
 - from coal 7,990 7,270

Last year, China Longyuan brought online 10 wind parks with a combined capacity of 1.03 GW. Of those, 552 MW were offshore power plants.

(CNY 1.0 = USD 0.158/EUR 0.1283)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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