31 Aug 2009 10:04

Yangtze Power's H1 net profit jumps 32 pct year-on-year

Shanghai. August 31. INTERFAX-CHINA - China Yangtze Power Co. Ltd., the listed arm of China's largest hydropower generator, announced on Aug. 31 that its first half net profit grew by 32.74 percent year-on-year to RMB 1.96 billion ($286.97 million).

Yangtze Power attributed the increase primarily to the one-off earnings from the sale of its stakes in Yunnan Copper Co. Ltd., Air China Ltd. and China Construction Bank Corp., which totaled RMB 937.44 million (137.25 million), according to the company's first half earnings report.

The company generated 17.26 million megawatt hours (MWh) of electricity in the first half, up 0.69 percent from the same period last year, according to the report. Its sales revenue over the period grew by 1.03 percent year-on-year to RMB 3.32 billion ($486.09 million).

In May, Yangtze Power announced it would acquire 18 of the Three Gorges Project's 700-megawatt generators from it parent company, China Three Gorges Project Corp. (CTGPC). The listed company currently owns eight of the power plant's generators.

Yangtze Power projected that its net profit will grow to RMB 4.86 billion ($711.57 million) in 2009 and RMB 6.96 billion ($1.02 million) in 2010 if it can complete the acquisition by the end of September.