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Yangtze Power, China's most valuable power producer, reported robust quarterly earnings on Friday, helped by more-than-expected power generation and energy strong demand.
The Shanghai-listed hydropower giant, which operates China's mammoth Three Gorges Dam project, said in a quarterly report that its net profit amounted to 969.87 million yuan (US$117.1 million) in the third quarter of this year.
But it did not offer a year-on-year comparison. The company issued shares at the end of last year.
Its earnings per share stood at 0.123 yuan (US$0.0149) in the quarter.
Yangtze Power, which owns a 1.03 percent stake in China Construction Bank Corp -- China Construction Bank's listing vehicle -- posted a net profit of 2.37 billion yuan (US$286.2 million) in the first nine months of this year.
The company said the profit in the first three quarters accounted for 90.49 percent of its full-year plan.
Its earnings per share stood at 0.302 yuan (US$0.0365) in the three quarters.
The strong profit mainly came from strong power demand in Central, East and South China, and from sharp increase in the company's power generation due to its acquisition of a 2.8-million-kW installation capacity of the Three George Dam project and favorable water levels on the Yangtze River, it said.
The company generated 10.8 billion kW of power and sold 10.5 billion kW in the third quarter of this year.
Analysts say that the company's full-year net profit is expected to exceed 2.8 billion yuan (US$338.2 million) thanks to strong power demand in China in the fourth quarter with the onset of winter, which usually elevates electricity consumption for heating, and climbing power tariffs.
China's total power consumption is forecast to grow by 12 percent to 2.1 billion-MWh this year.
The consumption next year will increase by some 11 percent.
Analysts say Yangtze Power will also benefit from rising power tariffs in China.
China will continue to raise such tariffs to help power plants to offset rising coal prices and ease national power shortages.
Yangtze Power reported 4.66 billion yuan (US$562.8 million) in core-business turnover during the first three quarters of this year.
The company's shares ended at 8.96 yuan (US$1.08) yesterday, up 0.44 yuan (US$0.053).
(China Daily October 23, 2004)
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