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Power firm shows stable results despite consumption drop

By Ding Qi (chinadaily.com.cn)
Updated: 2009-07-23 17:38

Despite a downfall in domestic electricity consumption earlier this year, the first interim results of power generation companies remained stable and showed recovery signs of the industry, the Securities Daily reported on Thursday.

Baolihua New Energy Stock Co Ltd, a Guangdong-based power generation group, chalked up 1.326 billion yuan ($194.12 million) in operating revenue in the first half of this year. Net profit in the period dipped 9.17 percent from a year earlier to 303 million yuan.

In the first half of last year, a large part of the company's profit was contributed by the investment returns of its 350 million financial assets, it is worth noting. Excluding this amount, Baolihua's power generation business yielded more profits than a year ago, according to the Securities Daily.

And the company's new energy-sourced power generation contributed 94.63 percent of its operating income and nearly 80 percent of operating income, the report showed.

Related readings:  China's June power consumption up 3.79%: report  China's power generation in July continues to rise  Power generation may see growth in third quarter  Power consumption down 4% in first quarter

Uncertainties in domestic electricity demand under the current economic situation remains a major challenge in the second half, it was also reported.

Affected by the global financial turmoil, China's economic slowdown has sapped its power use since the end of last year. Official statistics showed the country's total power consumption and generation reached 1,641.1 billion kWh and 1,624 billion kWh in the first half of the year, down 2.43 percent and 1.8 percent year-on-year, respectively.

However, as the domestic economy began to recover under the government's massive stimulus measures, power consumption was also on the rise.

Power consumption in June rose by 4.3 percent year-on-year, compared with a 2.57-percent fall in May, putting an end to eight consecutive months of decline since last October.

Accordingly, Baolihua's half-year profit growth, although still negative, is much better than its 29.38 percent drop in the first quarter.

The company expected earnings to improve further as long as domestic power consumption keeps its current momentum.

Share trading of Baolihua New Energy was suspended today for a shareholder's meeting to review its interim report. It closed at 9.94 yuan on Wednesday, up 59 percent compared with the price at the beginning of this year.