China Resources Power profit up 36% on increasing capacity

China Resources Power Holdings Co<836>, the third-largest Hong Kong-listed Chinese electricity producer, posted a 36% rise in 2007 net profit as it boosted generation to cater to rising energy demand.

Net income jumped to HK$3.22 billion (US$414 million), or HK$0.82 Hong Kong a share, from HK$2.36 billion, or HK$0.62 a year earlier, the company said Monday in a statement filed to the Hong Kong stock exchange, and sales rose to HK$16.8 billion from HK$9.7 billion of the previous year.

The utility recommended a final dividend of HK$0.20, bringing the total payment last year to HK$0.25, compared with HK$0.18 a year earlier.

According to its development plan, it targets to expand capacity by 75% from 2006 levels by next year end. In addition, it plans to boost power output from renewable energy sources by 100% as early as 2010 as a response to government's appeal to use cleaner fuels.