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Datang Power generates 30% income growth

( 2003-08-23 11:15) (China Daily HK Edition)

Beijing Datang Power Generation Company, one of the three-largest power producers on the mainland, yesterday posted a better-than-expected 30 per cent increase in its first-half net profit to 784.23 million yuan (US$94.75 million).

Analysts attributed the strong performance to the keen demand for electricity power in the company's service areas - Beijing, Tianjin and Tangshan.

Analysts said they expect such demand would continue to increase in the coming years. For that reason, "the company's prospects look encouraging", Adrian Fung, analyst from ABN Amro Asia, told China Daily.

Fung said electricity power was in short supply in the service areas of Beijing Datang while demand was expected to remain high. As there is not going to be any new supplier coming on stream soon, demand is expected to outstrip supply in the foreseeable future, he said.

Beijing Datang said its turnover amounted to 4.5 billion yuan (US$543.7 million) for the first six months ended June 30, up 28.9 per cent from 3.49 billion yuan (US$421.7 million) from a year earlier. Earnings per share were 0.15 yuan, up from 0.12 yuan. The company did not recommend an interim dividend.

The company earlier said the total capacity of the company's power plants for the first half of 2003 rose 29 per cent to 18.1 billion kilowatt hours (kWh). Total on-grid power generation surged 30 per cent to 16.9 billion kWh.

Beijing Datang attributed the substantial increase in first-half total power generation to the big demand for electricity and the inclusion of new facilities in the company's operation.

The demand for electricity from the industrial and residential sectors increased by 15.49 per cent compared to the first half of 2002 despite the impact of SARS (severe acute respiratory syndrome), the company said. This resulted in enhancing the utilization rates of the company's power units, the company said.

The company said last month that it planned to double the total installed capacity to more than 12,000 megawatts (MW) by 2006 from about 6,000 MW in 2002.

Analysts, however, questioned if the company could reach the target on schedule.

Whether the company could reach the target would depend on how aggressive Beijing Datang would be in its acquisition plan during the next few months, Fung said.

Earlier this month, Beijing Datang announced the commencement of the phase one of the Tuoketuo Power Plant, which has a total operating capacity of 1,200 MW. The units would play a pivotal role in meeting demand in the Beijing-Tianjin-Tangshan area during the peak summer season, easing the tight power supply situation in Beijing and its nearby regions, the company said.

 
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