Dongfang aims for 33GW goal in equipment output
The generator manufacturer says clean energy is key to its plans, following a 7pc rise in net profit
Dongfang Electric Corp, one of the mainland's largest makers of generators, posted modest growth in net profit last year while announcing plans to produce equipment with 33 gigawatts of generating capacity this year at a time of ebbing demand for electricity.
Dongfang's net profit in 2013 rose 7.2 per cent year on year to 2.35 billion yuan (HK$2.97 billion), while revenue increased 11.3 per cent to 42.4 billion yuan, according to a statement posted on the Shanghai Stock Exchange.
"[The] domestic market for generators is in a stage of adjustment and stable development," the company said, adding that expanding overseas remained difficult due to economic, policy and legal reasons.
The state-backed company produced equipment with 34.7 gigawatts of capacity last year, up 6.5 per cent from a year ago.
The Sichuan-headquartered firm said that by the end of 2013, the total value of orders on hand reached 137 billion yuan, with clean and efficient generating units accounting for 64 per cent of those orders.
[The] domestic market for generators is in a stage of adjustment
Dongfang said it would continue its efforts in renewable energy this year.