China Datang Corporation, one of the biggest power-generating groups in China, on Friday forecast its net profits in 2009 would jump at least 120 percent from the previous year.
The sharp increase is boosted by promotion of on-grid prices for electricity and the decreasing fuel cost last year, the company said in a preliminary report posted on the website of the Shanghai Stock Exchange before its annual report release.
The company's 2008 net profit was 45.65 million yuan ($6.69 million). Earnings per share was 0.10 yuan.
Shares of China Datang opened lower at 8.48 yuan per share on Friday compared with the previous closing of 8.50 yuan despite the profit rise forecast.