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Eric Ng

China Yangtze Power, the mainland's largest hydro power producer, posted a better than expected 30 per cent rise in profit for last year, benefiting from higher rainfall and water flow.
The company, which operates the Three Gorges Dam project, recorded a net profit of 11.79 billion yuan (HK$14.9 billion), compared to 9.07 billion yuan in 2013, it said in a filing to Shanghai's stock exchange on its preliminary unaudited results.
It attributed the profit growth to ample water flow of the Yangtze River and improved efficiency that raised output.
The profit was 8.1 per cent ahead of the 10.9 billion yuan average estimate of nine analysts polled by Thomson Reuters.
Sales grew 18.5 per cent to 26.9 billion yuan last year, on the back of an 18.2 per cent rise in output to 116.6 billion kilowatt-hours.
Last year's water flow volume of the Yangtze was 19.1 per cent higher than in 2013, the firm said in a December filing.
Citic Securities' analysts said in a note on January 5 that they raised their profit estimate for China Yangtze for last year by 9 per cent to 11.98 billion yuan, after the announcement.
They said China Yangtze's future profit growth would be driven by potential injection of assets from its parent China Three Gorges Corp, which includes its 70 per cent stake in the 6.4 gigawatt (GW) Xiangjiaba and the 13.86 GW Xiluodu hydro projects, whose construction was completed in July.
The combined generating capacity of the two new projects, located in the upper reaches of the Yangtze, is similar to that of the Three Gorges project, and involves total investment of about 180 billion yuan, according to a UBS research report.


China Yangtze posts better than expected profit on water flow

China Yangtze Power posted a better than expected profit for last year, benefiting from higher rainfall and water flow. Photo: Xinhua

Business

China Business

China Yangtze Power, the mainland's largest hydro power producer, posted a better than expected 30 per cent rise in profit for last year, benefiting from higher rainfall and water flow.
