Power earnings fall
By Pan Xiaoyi |
May 1, 2010, Saturday
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Print Edition
Print Edition
CHINA Yangtze Power Co, the owner of the world's biggest hydropower project, said first-quarter net earnings fell 86 percent year on year to 119 million yuan as operating costs surged after it acquired major power generation assets for the Three Gorges Project.
The company also attributed the drop to less power generation due to the drought in the Yangtze River.
Revenue in the first quarter jumped 119 percent from a year ago to 1.58 billion yuan thanks to the acquisition, the company said in a statement to Shanghai Stock Exchange.
In a separate statement, the company reported net income in 2009 increased 15 percent year on year to 4.62 billion yuan and revenue jumped 18 percent to 11 billion yuan after the government's stimulus packages boosted the power demands.
The company also attributed the drop to less power generation due to the drought in the Yangtze River.
Revenue in the first quarter jumped 119 percent from a year ago to 1.58 billion yuan thanks to the acquisition, the company said in a statement to Shanghai Stock Exchange.
In a separate statement, the company reported net income in 2009 increased 15 percent year on year to 4.62 billion yuan and revenue jumped 18 percent to 11 billion yuan after the government's stimulus packages boosted the power demands.
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