Fixed Exchange Rate

Mine acquisitions to offset coal prices

PUBLISHED : Friday, 18 March, 2011, 12:00am
UPDATED : Friday, 18 March, 2011, 12:00am

China Resources Power Holdings plans to continue acquiring mines to combat the challenge of rising coal prices. Revenue generated by the Hong Kong-listed company jumped 46 per cent to HK$48.6 billion last year from HK$33.2 billion in 2009. However, net profit dropped 7.8 per cent to HK$4.9 billion. Chairman Wang Shuaiting blamed a bull market for coal for the contraction in profits.