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Huadian posts H1 net loss of 508m yuan

(Agencies)
Updated: 2008-08-29 13:43

Huadian Power International Corp Ltd reported a net loss of 507.64 million yuan ($74.19 million) in the first half, compared with net profit of 565.42 million a year earlier, as soaring coal costs overwhelmed a big increase in power output.

The company said it generated 47.62 billion kwh of electricity in the first half, up 64.77 percent year-on-year, and sold 44.3 billion kwh of electricity to power grid companies, up 64.59 percent.

Operating revenue rose 60.4 percent to 13.76 billion yuan but average unit fuel costs rose 29.98 percent to 225.3 yuan per kwh.

Its loss per share was 0.084 yuan, versus earnings per share of 0.094 yuan a year earlier.

The company made no earnings forecast for the rest of 2008.

State-owned China Huadian Corp, one of the country's five biggest power producers, is the largest shareholder in Huadian Power International, with a 49.18 percent stake.