GD Power books net profits of $232 million in 2009
Shanghai. March 31. INTERFAX-CHINA - GD Power Development Co. Ltd., a mid-sized state-owned Chinese power generator, boosted its 2009 net profits by 791.68 percent year-on-year to RMB 1.59 billion ($232.80 million), according to the company's annual report released on March 31.
GD Power generated a total of 62.48 billion kilowatt hours (kWh) of power in 2009, representing an annual increase of 3.4 percent year-on-year, and saw its revenues grow by 18.29 percent year-on-year to RMB 19.45 billion ($2.85 billion).
The surge in net profits can be attributed to a massively improved profit margin brought about by the global financial crisis inducing a sharp decline in coal prices, the company said.
GD Power said that it has greatly expanded its business in the renewable energy sector in 2009, having set up eight renewable energy subsidiaries.
The company commenced operation of wind power facilities with a total installed capacity of 330,000 kilowatts (kW) in 2009, and brought its aggregate hydropower installed capacity up to 2.99 million kW, which accounts for 18.31 percent of the company's total installed capacity.
Meanwhile, the company received government approval on two solar power projects with a combined installed capacity of 20,000 kW in the Ningxia Hui Autonomous Region, and started production at a 3,000-ton plant in the Inner Mongolia Autonomous Region, according to the annual report.
For 2010, GD Power said it plans to generate a total of 77.6 billion kWh of electricity and accelerate its expansion in the renewable energy businesses.
GD Power's shares, which are listed on the Shanghai Stock Exchange, jumped 6.85 percent on March 31 to close at RMB 8.27 ($1.21).