Hong Kong, Mar 26, 2010 - (ACN Newswire) - The Board of Directors (the "Board") of China Power New Energy Development Company Limited ("CPNE" or the "Company" ; Stock Code: 735) is pleased to announce as follows the audited annual results for the year ended 31 December 2009 of the Company and its subsidiaries (together hereinafter referred to as the "Group").
- Revenue and tariff adjustment amounted to approximately HK$1,579,928,000 (for the eight months ended 31 December 2008: HK$1,260,259,000).
- Profit attributable to equity holders of the Company was approximately HK$152,684,000 (for the eight months ended 31 December 2008: HK$10,962,000).
- The basic earnings per share was approximately HK2.17 cents (for the eight months ended 31 December 2008: HK0.16 cents)
For the year ended 31 December 2009, the Group recorded revenue and tariff adjustment of approximately HK$1,579,928,000 (for the eight months ended 31 December 2008: HK$1,260,259,000), an increase of 25.4% over last year, which was primarily attributed to the increase in volumes of electricity sold. The Group's net profit for the year was HK$216,913,000 (for the eight months ended 31 December 2008: HK$42,553,000), representing an increase of 4 times over last year. Profit attributable to equity holders of the Company amounted to approximately HK$152,684,000 (for the eight months ended 31 December 2008: HK$10,962,000), representing an increase of 13 times over last year. Basic earnings per share was HK2.17 cents (for the eight months ended 31 December 2008: HK0.16 cents).
Reviewing the annual results of 2009, Ms. Li Xiaolin, the Chairman of CPNE, said, "2009 was a tough year for us in many aspects, especially so when the external conditions were taken into account, such as the power demand dropped as a result of the economic slowdown, coupled with the financial tsunami. Yet we did well despite the difficult business environment. We finally started to see the benefits from pioneering in the clean energy industry in the past years. The achievement was mainly due to two factors, increase in operating capacity, and enhancement in client and government relationship management."
The Group has a total installed capacity of 1,055.8MW as at 31 December of 2009, of which the installed capacity attributable to the Group is 861.61MW, contributed by projects in wind power, hydro-electric power, biomass power, natural gas power and other power generations. The investment of these projects have not only broadened revenue streams, but also decreased investment risks.
In March 2010, the Group has acquired the remaining 10% equity interest in Phase I of the Gansu Wind Power Project and the remaining 40% equity interest in Kunming Waste Incineration Power Plant. The Group has a 100% ownership in both projects. The power generation plants currently owned and controlled by the Group are mainly situated in Gansu, Fujian and Guangdong, and correspondingly the electricity generated by these plants is sold to Southern Power Grid, East China Power Grid and Northwest Power Grid.
Looking ahead, Ms Li concludes, "The Group will concentrate its resources and future efforts on clean energy generation business through the following strategies: 1) Continuing to expand installed capacity and the Company's scale; 2) Diversifying the energy portfolio; 3) Continuing to strengthen operating efficiency and enhance enterprise's value; 4) Continuing to consolidating and optimizing the relationship with government and customers and 5) Strengthening corporate governance and human resources. We believe the abovementioned strategies can bring long-term benefits to our shareholders, as well as to realise our dream of providing "light to the world and clear water and blue sky" to our children".
About China Power New Energy Development Company
China Power New Energy Development Company Limited is a company incorporated in Bermuda with limited liability. The shares of the Company are listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 735). The Company is committed to the development of environmentally-friendly energy projects, including wind power generation, medium to small hydro power generation, biomass and waste-to-energy and environmental protection-related projects. Please visit www.cpne.com.hk.
Source: China Power New Energy Development Company
Contact:
China Power New Energy Development Company Limited Ryan Fung / Rayven Chow Tel: (852) 3607 8888 Fax: (852) 3607 8899 Email: ryanfung@cpne.com.hk / rayvenchow@cpne.com.hk Wonderful Sky Financial Group Limited TL Chow / Gigi Chan / Cindy Cheuk Tel : (852) 2851 1038 Fax: (852) 2815 1352 Email: tlchow@wsfg.hk / gigichan@wsfg.hk / cindycheuk@wsfg.hk
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