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| Earnings per Share Amounted to Approximately RMB13.1 Cents |
HONG KONG, Aug 27, 2012 - (ACN Newswire) - The board of directors (the "Board") of Huadian Fuxin Energy Corporation Limited ("Huadian Fuxin" or the "Company") is pleased to announce the audited consolidated interim results of the Company and its subsidiaries (together, the "Group") for the six months ended 30 June 2012 (the "Reporting Period").
Results Highlights
For the six months ended 30 June 2012:
-- The revenue amounted to RMB4,629.7 million, representing an increase of 41.0% over the corresponding period of 2011.
-- Profit before taxation amounted to RMB1,136.9 million, representing an increase of 198.3% over the corresponding period of 2011.
-- Profit attributable to the equity owners of the Company amounted to RMB786.0 million, representing an increase of 168.1% over the corresponding period of 2011.
-- Earnings per share amounted to approximately RMB13.1 cents, representing an increase of 166.9% over the corresponding period of 2011.
In the first half of 2012, leveraging the Group's advantage of "mixed portfolio of hydropower and coal-fired power", the Group strengthened its production and operation under better management. The Group strived to expand its source of revenue, reinforce cost control and improve the core competitiveness and profitability by increasing power generation, raising tariff and controlling coal price. Its hydropower, wind power, coal-fired power and other clean energy have become profitable and a significant growth was recorded in its overall results as compared with the corresponding period of 2011. Within the Reporting Period, the revenue amounted to RMB4,629.7 million, representing an increase of 41.0% over the corresponding period of 2011; profit before taxation amounted to RMB1,136.9 million, representing an increase of 198.3% over the corresponding period of 2011; profit attributable to the equity owners of the Company amounted to RMB786.0 million, representing an increase of 168.1% over the corresponding period of 2011; earnings per share amounted to approximately RMB13.1 cents, representing an increase of 166.9% over the corresponding period of 2011.
For hydropower business, in the first half of 2012, the Group recorded gross hydropower generation of 5,139,161.8 MWh, representing an increase of 74.1% over the corresponding period of 2011; the average on-grid tariff was RMB320.9/MWh, representing an increase of 7.9% over the corresponding period of 2011. The Company took advantage of the prosperous opportunity brought by the higher level of precipitation this year, leveraging its forecasting system and key reservoirs, to further enhance the utilization of hydropower. For the six months ended 30 June 2012, the accumulated levels of precipitation of the seven key reservoirs amounted to 1,318.0 mm, which was 18.0% higher than the average figure of the past years, and was 80.0% higher over the corresponding period of 2011, while the average hydropower utilization hours were 2,311.0 hours, which rose by 74.1% over the corresponding period of 2011.
For wind power business, in the first half of 2012, the Group recorded gross wind power generation of 2,117,712.3 MWh, representing an increase of 45.6% over the corresponding period of 2011. The average tariff was RMB563.8/MWh. The average wind power utilization hours were slightly lower than the corresponding period of 2011, mainly due to changes of wind resources in some areas, grid transmission limitations and distribution of electricity resources. In the first half of this year, the Group also continued to optimize the layout of wind power projects with a focus on the quality development, at the same time, the Group proactively propelled the advancement and innovation of wind power technologies to ensure its leading position in the industry, and several national and industrial standards undertaken by the Group were accomplished and passed review successively.
For Coal-fired power business, in the first half of 2012, the Group recorded gross coal-fired power generation of 4,414,603.3 MWh, representing an increase of 38.9% over the corresponding period of 2011. The average on-grid tariff was RMB450.1/MWh, representing an increase of 5.6% over the corresponding period of 2011. While the electricity demand was declining in the first half of 2012, the Company proactively implemented marketing activities for sales of electricity and, at the same time, strengthened the operation management of its equipment, to achieve higher power generation output.
For distributed energy and other clean energy projects, leveraging the experience and advantages obtained from developing the Guangzhou University Town project, the Company have gained large quantities of quality pipeline projects in distributed energy areas for development in the future. There were 3 projects newly approved in the first half of 2012 with an installed capacity of 143.2 MW. As at 30 June 2012, the Group had a consolidated installed capacity of solar power projects of 79.4 MW with pipeline resources of 550.0 MW. The two biomass energy projects under construction, with a consolidated installed capacity of 25.3 MW, are expected to commence operation in the second half of 2012.
Looking ahead, the Chairman of Huadian Fuxin, Mr. Huang Xianpei is confident about the prospects of the Group, "Along with the constant promulgation of the policies and measures for "stabilizing growth" by the PRC government and the gradual materialization of the policy effects, the overall electricity consumption is expected to rally in the second half of 2012 in the PRC. As a leading clean energy company, the Group possesses diversified portfolio of power generating assets, which has not only enabled us to broaden our growth prospects and benefit from various favorable government policies that encourage the development of different clean energy projects, but has also created synergies among different power generating assets and allowed us to decentralize risks while maximizing profit and grasping opportunities for broader development."
Topic: Press release summary
Source: Huadian Fuxin Energy Corporation Ltd.
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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