Saturday, March 29, 2008

Datang Power 2007 net profit up 22.6%

Datang International Power Generation Co. Ltd (Datang Power)<601991><991>, one of China's largest independent power generators, said its 2007 net profit reached RMB 3.4 billion, up 22.6% over the previous year.

According to the annual report released yesterday, its revenue in 2007 has climbed 31.85% year-on-year to RMB 32.8 billion. Earnings per share amounted to RMB 0.29. The proposed dividend is expected to be RMB 0.12 per share.

The firm also disclosed its RMB 10 billion investment plan in its annual report. It would invest about RMB 3.4 billion to acquire a 51% stake in Inner-Mongolian coal project, which will be a coal production base with annual production capacity of 60 million tons for Datang Power.

It also plans to take stakes in two natural gas projects but the plan is still subject to regulatory approval.

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