Net Profit Rises by 115.16% While Diversifications Continues
HONG KONG, April 20 /PRNewswire-Asia/ -- Datang International Power Generation Co., Ltd. ("Datang Power" or the "Company") (HKEx: 991; SSE: 601991; LSE: DAT; ADR: DIPGY) announced the audited consolidated operating results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2009 (the "Year").
Financial Highlights
-- Operating revenue amounted to approximately Rmb47,943 million,
representing an increase of 29.93% over the Previous Year.
-- Net profit attributable to equity holders of the Company amounted to
approximately Rmb1,612 million, an increase of 115.16% year-on-year.
-- Basic earnings per share attributable to equity holders of the Company
amounted to approximately Rmb0.14, an increase of Rmb0.08 year-on-year.
-- The board of directors has recommended the distribution of proposed
dividend of Rmb0.07 per share (tax included) for the year of 2009.
Operating revenue of the Group for the Year was approximately Rmb47,943 million, representing an increase of 29.93% over 2008 (the "Previous Year"). Net profit attributable to equity holders of the Company was approximately Rmb1,612 million, an increase of 115.16% year-on-year. Basic earnings per share attributable to equity holders of the Company amounted to approximately Rmb0.14, an increase of Rmb0.08 year-on-year. The board of directors of the Company has recommended the distribution of proposed dividend of Rmb0.07 per share (tax included) for the year of 2009 (Previous Year: Rmb0.11 per share).
Mr. Zhai Ruoyu, Chairman of Datang Power, said, "In 2009, given an unfavourable operating environment with coal prices staying continuously at high levels and utilisation hours reducing as compared to the Previous Year, the Company rigorously enhanced production and operation and stringently controlled costs and expenses, with a view to conscientiously mitigating the impact of various factors that depressed profits. The Company succeeded in ensuring steady, safe and orderly production and operation management and further increasing its profitability."
During the Year, total power generation of the Group amounted to 141.87 billion kWh, an increase of 11.98% over the Previous Year. Total on-grid power generation of the Group amounted to 133.552 billion kWh, an increase of 12.13%. The utilisation hours of coal-fired generating units totalled 5,255 hours, which was higher than the average national standard by 416 hours. The increases in total power generation and on-grid power generation were mainly attributable to an increase in capacity of operational generating units of the Group as well as the safe and stable operation of the generating units.
During the Year, a total of new capacity of 5,645MW of generating units successfully commenced operation. Of such new capacity, a total of 4,660MW was on the coal-fired front, with generating units mainly at Jinzhou Thermal Power Company, Yungang Thermal Power Company, Daba Power Generation Company, Ningde Power Company, Fengrun Thermal Power Company and Zhangjiakou Thermal Power Company Limited commencing operations successfully; a total capacity of 735MW was from hydropower generating units at the Gelantan Hydropower Station of Lixinjiang Hydropower Company and the Jufudu Hydropower Station; and a total capacity of 250MW was from wind power generating units at Zuoyun Wind Power Company, Faku Wind Power Generation Company, Liaoning New Energy Company and Zhangzhou Wind Power Generation Company.
During the Year, through measures such as increasing imported coal, on-site delivery by Tashan Coal Mine and the setting up of a platform on fuel management index, fuel costs were effectively controlled. Annual unit fuel cost was Rmb174.84/MWh, representing a decrease of Rmb20.83/MWh year-on-year.
The Company made steady progress in energy savings and emissions reduction. During the Year, the coal consumption of the Company was 326.51g/kWh, a decrease of approximately 4.95g/kWh over the Previous Year, while the consolidated electricity consumption rate of power plants was 5.85%, representing a reduction of 0.16 percentage-point over the Previous Year. The coal-fired generating units of the Company and its subsidiaries achieved a desulphurisation facilities operation rate of 99.43%, and an overall desulphurisation efficiency rate of 94.42%. The coal-fired generating units of the Company and its subsidiaries continued to achieve a desulphurisation facilities installation rate of 100%. The emission rates of sulphur dioxide, nitrogen oxides, smoke ash, and waste water decreased by 57.13, 25.20, 31.44 and 34.68 percentage-points, respectively, over the Previous Year, which are substantially lower than the national average levels.
During the Year, the Company achieved significant progress in infrastructure and preliminary works, with 13 power projects of a total capacity of 3824.5MW being approved by the State.
In addition, the Company continued to push ahead its expansion in power-related upstream and downstream projects so as to achieve far-reaching synergistic development. The Duolun Coal Chemical Project entered into the trial run stage, while the Shengli Coal Mine East Unit 2, which has a production capacity of 10 million tonnes per annum, commenced production of coal. The Company is currently engaged in preliminary development works for Phase 2 and Phase 3 projects of the Shengli Coal Mine East Unit 2, the Wujianfang Coal Mine and the Kongduigou Coal Mine. Meanwhile, the Keqi Coal-based Natural Gas Project in Inner Mongolia was approved by the State.
Looking forward to 2010, Mr. Zhai said, "Year 2010 is the last year for the Phase I of the Company's mid-term development plans. The power industry will still face a tough operating environment of high coal prices and low tariffs. However, given the favourable conditions of a gradual recovery of the macro-economy, a gradual increase in power demand, and the support from the government at various levels to the power industry as a foundation industry for a sustainable development of the nation's economy, the Company is provided with adequate room and opportunities for further development. Faced with a complex and ever-changing situation, the Company continues to implement an overall strategy that focuses on pursuing the power generation business as its core development whilst complementing with synergistic diversifications. The Company will do its utmost in 2010 to achieve the production and operation targets for 2010 with a persistent focus on profitability and safe production, with a view to enhancing the Company's overall profitability."
Datang International Power Generation Co., Ltd.
Datang International Power Generation Co., Ltd. is one of the largest independent power producers in China. As at 31 December 2009, the Company's total installed capacity in operation amounted to 30,741.8MW. The Company has been listed on The Stock Exchange of Hong Kong Limited and the London Stock Exchange respectively since March 1997. Since September 2001, the Company's American Depositary Receipts (ADRs) have been traded in the U.S. over-the-counter market. The Company has been successfully listed on the Shanghai Stock Exchange since December 2006.
To view the Consolidated Income Statement (audited), please click on this link: http://www.prnasia.com/sa/attachment/2010/04/20100420671950.pdf
For further information, please contact:
Datang International Power Generation Co., Ltd.
Mr. Grant Zhang / Ms. Karen Chen
Tel: +86-10-8800-8678 / 8800-8682
Fax: +86-10-8800-8684
Rikes Hill & Knowlton Limited
Mr. Karl Cheung / Ms. Christy Lai
Tel: +852-2520-2201
Fax: +852-2520-2241
