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Energy: GD Power H1 net profit down 44.36%

(Agencies)
Updated: 2008-08-28 16:30

GD Power Development Co Ltd , a major Chinese power producer, said its first-half net profit was 328.52 million yuan ($48.07 million), down 44.36 percent from a year earlier, due to rising coal prices.

Revenue was 8.74 billion yuan, up 12.6 percent from a year earlier.

The company produced 31.38 billion kWh of electricity in the first six months, up 11.9 percent. On-grid power production rose 11.4 percent to 29.27 billion yuan.

But despite this rising output, high coal prices eroded its earnings.

Standard coal prices rose 33.1 percent to 478 yuan per ton in the first half, the company said.

China has raised power prices twice in recent months and slapped temporary controls on coal prices. GD Power said these moves have had a favorable impact on its operations.

Last week, China raised the on-grid power price paid to producers of coal-fired electricity by up to 0.025 yuan per kilowatt-hour. Following the move, the company raised its on-grid power tariff by 8 percent. Earnings per share stood at 0.06 yuan, down from 0.119 yuan from a year earlier. The company said it would seek coal mine acquisitions and develop alternative energy sources like wind and hydropower in a bid to improve earnings.