Wind, solar help Huadian Fuxin lift 2017 profit

Wind farm in China. Author: Land Rover Our Planet. License: Creative Commons. Attribution-NoDerivs 2.0 Generic

Chinese power producer Huadian Fuxin Energy Corp (HKG:0816) closed 2017 with a profit attributable to equity owners of CNY 2.12 billion (USD 336m/EUR 273m), rising 2.3% year-on-year and in line with expectations.

In a bourse filing, the company said that the growth was mainly fuelled by the improved performance of its wind and solar power business, both of which recorded a “significant increase” in profits. Meanwhile, total net profit for the year declined by 7.6% in annual terms to CNY 2.47 billion due to a drop in earnings from its hydropower and coal-fired activities.

Higher electricity sales of the coal-fired power, wind and solar segments helped Huadian Fuxin raise its consolidated revenues by 5.1% to CNY 16.8 billion.

More details about the company’s 2017 performance are available in the table.

Results in CNY millions	2017	2016
Consolidated revenue	16,812.7	15,997.5
- of which wind	6,401.1	5,371.2
- of which coal-fired	4,896.4	3,589.3
- of which hydro	2,517.9	4,037.1
- of which solar	1,093.2	889.0
Operating profit	4,860.7	5,407.0
Profit before tax	2,802.2	3,202.0
Profit to equity shareholders	2,117	2,068.5
Profit to non-controlling interests	348.5	599.9

At the end of 2017, Huadian Fuxin had 15.54 GW of conventional and renewable energy plants. The facilities produced 42,558,608.1 MWh of electricity last year, up 3.1% on a yearly basis. Hydropower plants produced 35.4% less than a year ago, while wind and solar power generation was up by 21.4% and 27.1%, respectively. Production from coal-fired power plants rose by 28.1%.

(CNY 1.0 = USD 0.159/EUR 0.129)

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