|
|
|
|
|
|
| Simultaneous Growth in Profit & Size Realized |
HONG KONG, Aug 18, 2011 - (ACN Newswire) - China Suntien Green Energy Corporation Limited ("China Suntien" or the "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (the "Group") for the 6 months ended 30 June 2011.
Financial Highlights
-- Revenue amounted to RMB1,632 million, representing an increase of 59.6% over the corresponding period last year:
Natural gas business surged 45.5%
Wind power business surged 106.2%
-- Profit before taxation amounted to RMB498 million, representing an increase of 87.7% over last year
-- Net profit attributable to shareholders amounted to RMB340 million, representing an increase of 131.4% over last year
-- Earnings per share amounted to RMB0.105
The Group recorded a significant profit growth in the first half of 2011 with the revenue amounted to RMB1,632 million (2010 1H: RMB1,023 million), representing an increase of 59.6% over the same period last year. Profit before taxation amounted to RMB498 million (2010 1H: RMB265 million), 87.7% up over the same period last year; net profit for the first six months amounted to RMB440 million (2010 1H: RMB233 million) 89.1% up over the same period last year; net profit attributable to shareholders amounted to RMB340 million (2010 1H: RMB147 million), 131.4% up over the same period last year.
The majority of the Group's revenues are generated through sales of natural gas and electricity, of which, natural gas business recorded sales income of RMB1,142 million (2010 1H: RMB785 million), a 45.5% increase from the same period of 2010. This was mainly attributable to the increase in gas sales volume during the year; while ensuring the natural growth of gas consumption, we reinforced new market development and pipeline construction, which directly increased gas sales volume of the year. Wind power business achieved sales income of RMB489 million (2010 1H: RMB237 million), a 106.2% increase from the same period last year. This was mainly the result of significant increase in the capacity of the operating wind farms and thus raises the net sale of electricity significantly when compared with last year. Besides, CDM revenues from the wind power project have also increased largely.
Expansion of city natural gas market and progress of the development of pipeline network projects
For the first half of year 2011, the Group sold 582 million cubic meters of gas, representing an increase of 29% over the corresponding period last year.
At the same time, the Group entered into certain equity acquisition agreements for acquisitions of natural gas projects in three cities in Hebei Province, namely Xinji City, Shenzhou City and Jinzhou City. As of 30 June 2011, the city natural gas business of the Group expanded to the markets of 9 areas in Hebei Province, The Group also entered into agreements on investment in operation of natural gas utilization project agreements with local government authorities of Xingtai Economic Development Zone, Laoting New District and Handan City in Hebei Province, respectively, to develop their local city natural gas markets.
Besides, natural gas infrastructure projects of the Group progressed smoothly. The construction progress of three key projects, namely Gaoyi-Qinghe subordinate transmission pipeline, Shahe Natural Gas Utilization Phase II and Chengde Natural Gas Utilization Phase I were well underway as expected. We have obtained the preliminary approval of the Shanxi coalbed methane introduction project by the Development and Reform Commission of Shanxi Province and Hebei Province, and a preparation office has been established for final project approval and construction of the project.
Kept continuous growth in power generation, expanded resource reserves
For the six months ended 30 June 2011, the consolidated operating capacity of the Group was 855 MW, representing an increase of 248.8 MW over the corresponding period last year with total consolidated power generation volume of 1.102 billion kwh, representing an increase of 114.0% over the corresponding period last year. The average utilization hours of the wind farms of the Group was 1,288 hours, representing an increase of 22 hours over the corresponding period last year. The state of affairs and maintenance work of equipment of wind farms was improved, driving the average availability factor of wind farms to 96.7%, representing of an increase of 1.2 percentage points over the corresponding period last year.
In the first half of 2011, the Group established 9 new onshore wind power projects with a total capacity of 630 MW. As of 30 June 2011, the capacity of our onshore wind power projects under project establishment and approval stage amounted to 2,285.1 MW. In the first half of 2011, the Group made continuous progress in wind power resources exploration outside Hebei Province and had newly added reserved capacity of 2,233.7 MW. the regional development layout across the country has been formulated. As of 30 June 2011, the reserved capacity of the Group reached 14,196.7 MW.
CDM project in Chengde Yudaokou with 150 MW was successfully registered on 17 January 2011, which increased the total number of the Group's registered CERs income generating CDM projects to 8 CDM projects. For the first half of 2011, our CERs income totaled RMB 48.13 million, accounting for 15.3% of the profits derived from our wind power business, representing an increase of RMB28.49 million over the corresponding period last year.
Material acquisitions and disposals
On 28 March 2011, HECIC New-energy and Hebei Green Energy Limited entered into an equity transfer agreement. The transfer price was RMB46.68 million. Upon the completion of these acquisitions, HECIC New Energy owned 100% of the equity interest of HECIC Yanshan (Guyuan) Wind Energy.
In March 2011, the Group entered into certain equity acquisition agreements with Beijing Zhong Ran Wei Ye Gas Co., Ltd. for acquisitions of natural gas projects in three cities in Hebei Province, namely Xinji City, Shenzhou City and Jinzhou City. The transfer price was RMB44.68 million. The acquisition was completed the registration of change in owner with administration of industry and commerce bureau to complete this acquisition.
Contact:
PR Contacts
Abbey Zhao / Daniel Xu / Richard Feng
Dir Tel: +852 3970 2201 / 3970 2222 / 3970 2221
Email: abbeyzhao@wsfg.hk / danielxu@wsfg.hk / richardfeng@wsfg.hk
IR Contacts
Hon Fung / Janice Liu
Dir Tel: +852 3970 2116 / 3970 2215
Email: hf@wsfg.hk / janiceliu@wsfg.hk
Topic: Press release summary
Source: China Suntien
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
|
