Hong Kong Stock Exchange

China’s Beijing Jingneng surges after posting 70pc nine-month profit jump

Revenue grew 92.5pc year on year to 9.9 billion yuan

PUBLISHED : Wednesday, 14 October, 2015, 7:49am
UPDATED : Wednesday, 14 October, 2015, 12:24pm

Shares of Beijing Jingneng, the capital’s largest developer of natural gas-fired power plants, surged after it said net profit for the first nine months of the year jumped 70.4 per cent year on year to 1.4 billion yuan (HK$1.7 billion).

They traded 7.6 per cent higher at HK$2.84 at 11.41am, the highest since July 22.

Revenue grew 92.5 per cent year on year to 9.9 billion yuan in the first three quarters of the year.

Net profit for the three months to September 30 increased 187.7 per cent year on year to 443.75 million yuan.

The company attributed the nine-month profit rise to the early July start-up of its gas-fired power project in Future Hightech City in Beijing’s Changping district, as well as a rapid increase in installed capacity of solar power projects.

At the end of June, the firm’s installed solar power generation capacity stood at 440 megawatts, 109.5 per cent higher than a year earlier. It had 4,436 MW of gas-fired capacity at the end of June.