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China Daily Website

GD Power net profit surges 110%

Updated: 2013-10-19 16:54
( Xinhua)

BEIJING, October 19 (Xinhua) -- GD Power Development Co, a subsidiary of China's state-owned power giant China Guodian Corp, said on Saturday that its net profit jumped 110.21 percent from one year earlier to 4.94 billion yuan ($803.75 million) in the first nine months of the year.

Business revenue reached 43.81 billion yuan during the January-September period, up 7.42 percent year-on-year. Earnings per share climbed 88.16 percent to 0.286 yuan, it said in a statement to the Shanghai Stock Exchange.

The power producer attributed the sharp increase in net profit to falling power generation costs as coal prices continued to decline in the first three quarters this year.

Its power generation totaled 125.05 billion kilowatt hours in the first nine months, up 7.48 percent year-on-year.

The company's share prices closed flat at 2.36 yuan on Shanghai Stock Exchange on Friday.