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
- of which wind
- of which coal-fired
- of which hydro
- of which solar
Profit before tax
Profit to equity shareholders
Profit to non-controlling interests
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%.
Veselina Petrova is one of Renewables Now's 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.