China Yangtze Power sees H1 profit up over 50 pct on higher investment income

China Yangtze Power Co Ltd, operator of the Three Gorges hydroelectric dam, said net profit in the first half is expected to have risen by over 50 pct due to higher investment income arising from the sale of a stake in China Construction Bank.

In April, the company signed an agreement to sell an additional 400 mln H-shares of China Construction Bank to Hong Kong-based Reca Investment Ltd for 1.6 bln yuan.

In the first half of 2006, Yangtze Power had net profit of 1.312 bln yuan, with earnings per share at 0.16 yuan.

The company is due to release audited first half financial results on Aug 15.

In a separate statement filed with the Shanghai Stock Exchange, the company said that it generated 17.21 bln kwh of electricity in the first half, up 11.13 pct year-on-year.

The company said 6.235 bln kWh of electricity was produced from Gezhou Dam, down 3.11 pct year-on-year, while output from the Three Gorges complex increased 21.26 pct to 10.974 bln kWh.

The company shares output at the Three Gorges plant with its state-owned parent, China Three Gorges Project Corp. The plant produced a total of 23.856 bln kWh of electricity in the first half.