Hong Kong, Apr 28, 2009 - (ACN Newswire) The Board of Directors (the "Board") of China Power New Energy Development Company Limited ("CPNE" or the "Company" ; Stock Code:735) announces as follows the audited results of the Company and its subsidiaries (together, the "Group") for the eight months period ended 31 December 2008. The Board does not recommend the payment of any dividend for the eight months period ended 31 December 2008 (for the year ended 30 April 2008:Nil).
For the eight months ended 31 December 2008, the Group recorded revenue and tariff adjustment totaling approximately HK$1,260,259,000 (for the year ended 30 April 2008:HK$959,704,000), representing an increase of $31.3% over the previous year. The Group's profit for the period was HK$42,553,000 (for the year ended 30 April 2008:HK$42,695,000). The Group's profit attributable to equity holders of the Company amounted to approximately HK$10,962,000 (for the year ended 30 April 2008: HK$6,931,000). Basic earnings per share was HK0.16 cents (for the year ended 30 April 2008: HK0.13 cents).
Reviewing the annual results of 2008, Ms. Li Xiaolin, the Chairman of CPNE, said, "The negative impacts of the global tsunami slowed down the economic growth in the PRC, bringing a substantial decline in the demand for electric power. Consequently this led to a reduction in the Group's power generation, and together with the significant increases in fuel costs, adversely affected the Group's profits. In spite of this, the Group has a favorable platform in future business development as the PRC government has introduced a series of policies to encourage the development of renewable and clean energy."
For the eight months period ended 31 December 2008, total power generation amounted to 1,882,482MWh, representing an increase of approximately 6.01% as compared to 1,775,709MWh (on the basis of an eight-month period) in the previous year. The sale of electricity amounted to 1,798,954MWh (on the basis of an eight-month period), representing an increase of approximately 5.97% as compared to 1,697,654MWh in the previous year.
The main reasons for the increase were attributable to: 1) power supply capacity was increased with the commissioning of new generating units; 2) stability of power generating units was enhanced and both power production capacity and adjustable hours increased and 3) domestic power consumption increased and our sales capability was enhanced.
As at 31 December 2008, the Group has a total installed capacity of 1,013.2MW, of which the installed capacity attributable to the Group is 815.68MW.
In 2008, Phase II of the Gansu Wind Power Project was completed and 66 wind turbines were installed. It provided an additional installed capacity of 49.5MW and further enhanced the Group's power supply capacity.
Looking ahead, Ms. Li believes that there are significant development potential and prospects in business segment of clean energy as the PRC government is paying increasing attention to and is expected to continue introducing measures to promote the generation of clean energy. "The Group will continue to explore and assess new businesses and investment opportunities with the potential to bring long-term benefits, by focusing on the followings: 1) strengthening asset management to secure a stable operating environment; 2) strengthening construction management and controlling construction costs to enhance corporate competitiveness; 3) formulating development strategies according to corporate goals and external factors and developing projects with appropriate returns; 4) strengthening fund management, designing and implementing the annual fund utilization plan and allocating funds efficiently; and 5) formulating corporate management and internal control procedures, attracting and training qualified staff and implementing standardized management systems." expressed Ms. Li.
About China Power New Energy Development Company Limited
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.
Source: China Power New Energy Development Company Limited
Contact:
China Power New Energy Development Company Limited Maria Leung / Stephen Chiang / Rayven Chow Tel:(852) 2511 8339 Fax:(852) 2511 9911 Email:marialeung@cpne.com.hk / stephenchiang@cpne.com.hk / rayvenchow@cpne.com.hk Wonderful Sky Financial Group Limited Terence Wong / GiGi Chan / Henry Ho Tel:(852) 2851 1038 Fax:(852) 2815 1352 Email:terencewong@wsfg.hk / gigichan@wsfg.hk / henryho@wsfg.hk
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