October 12, 2008

Yangtze Power 2007 net profit up by 48.61% YoY

It is reported that China Yangtze Power Co Ltd, operator of the Three Gorges hydropower dam 2007 net profit up by 48.61% YoY to CNY 5.37 billion due to higher power output and investment income.

Yangtze Power Co Ltd said it generated 43.97 billion kWh of electricity last year up by 23.03%. About 15.46 billion KWH came from Gezhou Dam up by 5.69% and 28.51 billion KWH from the Three Gorges complex up by 35.05%. It said investment income in 2007 rose to CNY 2.1 million from 870.03 million a year earlier after it sold 400 million H-shares in China Construction Bank.

According to its annual report filed with the Shanghai Stock Exchange operating revenue rose 23.92% to CNY 8.74 billion in 2007 while operating costs and other expenses were up by 25.32%.

In April 2007, China Yangtze Power signed an agreement to sell an additional 400 million H-shares in CCB to Hong Kong's Reca Investment Ltd for CNY 1.6 billion. In addition, the company also received dividends of CNY 366 million in 2006 and the first half of 2007 from CCB.