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Net profit of Datang Power surges 55.7% in H1

(Xinhua)
Updated: 2009-08-17 09:37

The Datang International Power Generation Co (Datang Power) announced Sunday its net profit surged 55.72 percent year-on-year to 652.37 million yuan ($95.52 million) in the first half of this year.

The Beijing-based company attributed its profit increase to the electricity price increases during the second half last year.

China raised retail electricity prices by 0.025 yuan per kWh for industries in last July and lifted the on-grid price of coal-fired electricity by 0.01 yuan in last August to offset rising costs in power plants.

Related readings:  Datang Power 2008 net down 79%  Datang confident of power demand growing this year  Datang Power to issue bonds  Datang Power plans US$1.2b plant in Liaoning

The company's business revenue reached 20.68 billion yuan in the first six months, an increase of 18.9 percent from a year earlier.

In the January-June period, Datang Power reaped 18.3 billion yuan on electricity sales, up 7.84 percent year-on-year. However, power generation in the company and its subsidiaries was down 1.51percent from a year earlier to 61.3 billion kWh.