Firm’s 78% rise in H1 profit beats forecasts
Print Edition
China Resources Power Holdings Co, at the center of a scandal involving a 2010 acquisition, reported a forecast-beating 78 percent increase in half-year earnings because of cheaper fuel.
Net profit rose to HK$5.33 billion (US$688 million) in the first half, from HK$3 billion a year earlier, the Hong Kong-listed power generator said yesterday. Turnover rose 4.5 percent to HK$32.3 billion.
The company, a unit of China Resources Group, said easing supply in the coal market amid the country’s economic slowdown allowed it to further control fuel costs. The average cost for standard coal for its power plants fell 18 percent in the period.
It also expects power demand to improve.
“China’s micro-economic growth in not expected to slow further but is expected to increase slightly,” CR Power said.
“We anticipate that the power consumption growth of the national economy in the second half of this year will be slightly higher than that in the first half.”
A Chinese journalist alleged that the company’s management deliberately overpaid for coal assets in Shanxi Province in 2010, resulting in the loss of billions of yuan in state assets. A group of minority shareholders also filed a lawsuit in Hong Kong alleging the board failed to properly assess the value of the mining assets. CR Power has denied the allegations.
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