China Guodian's 2011 profits hit 6b yuan

Updated: 2012-02-17 10:28


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BEIJING - China Guodian Corp said Thursday that it earned profits of 6.08 billion yuan ($965 million) last year despite rising production costs and a loss in its thermal power business.

The profit figure makes China Guodian the country's second-largest power company, just behind the China Huaneng Group, which raked in 6.1 billion yuan last year.

Guodian's total assets rose 20.6 percent year-on-year to reach 645.96 billion yuan at the end of last year, said Zhu Yongpeng, general manager of Guodian.

The company's installed power capacity grew by 12 percent from one year earlier to reach 106.72 million kilowatts last year.

The coal mining, finance and logistics sectors accounted for 58.6 percent of Guodian's total profits last year, Zhu said.

The company aims to reap higher profits in 2012, as well as generate 530 billion kilowatt-hours of electricity and raise its installed power capacity to 118 million kilowatts, Zhu said.