Huajing Power FY earnings fall 77%

Power producer SDIC Huajing Power Holdings Co yesterday reported a 77 percent fall in full year net profit to 124 million yuan, on rising fuel costs and weak demand.

The Shanghai-listed firm said sales in 2008 fell 1.04 percent from a year ago to 658 million yuan. SDIC Huajing shares declined 1.64 percent yesterday to close at 10.22 yuan.

Analysts attributed the fall in profits to the costly coal used for power generation and sluggish demand.