Wednesday, March 26, 2008

Huadian Power 2007 profit rises slightly on soaring costs

Huadian Power International Corp<600027><1071>, one of the country's five biggest power producers, said its 2007 net profit edged up1.6% year-on-year to RMB1.226 billion under Chinese accounting standard, as higher coal costs offset increased power output.

Operating revenue jumped 38.7% year-on-year to RMB 20.49 billion, said the company in a filing with the Shanghai Stock Exchange, but operating costs soared 40.21% from the previous year to hit16.53 billion.

In 2007, the company generated 70.27 billion kWh of electricity and sold 65.4 billion kWh of electricity to power grid companies, up 40.46% and 40.02 % over a year earlier, respectively.

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