Wind helps Huadian Fuxin lift H1 profit by 4.5%

Chinese power producer Huadian Fuxin Energy Corp Ltd (HKG:0816) yesterday reported a 4.5% higher profit attributable to equity holders for the first half of 2018, with some help from its wind energy segment.

The company’s consolidated capacity includes 7.84 GW of wind, 1.16 GW of solar, 2.5 GW of hydro, 3.6 GW of coal and 672.6 MW of natural gas-fired power plants. The wind division's operating profit rose by 35.7%, while hydropower recorded a fall of 85.9% due to less rainfall.

“The new energy businesses took full advantage of various national policies on promoting the consumption of renewable energies, and made efforts to increase power generation and reduce curtailment ratio, thus achieving significant increases in the generated output and utilization hours of wind power and photovoltaic power,” Huadian Fuxin said.

Details on the company’s performance in the period are available in the table.

Fuxin explained that the increase in profit attributable to equity holders was due to a combination of higher wind power profit and a substantial decrease in hydropower profit, where non-controlling shareholders have a higher proportion of equity than a year ago.

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