Jul. 12, 2012 (China Knowledge) - Shanghai Electric Power Co Ltd<600021>, the biggest power producer in the municipality, announced yesterday expects its net profit to surge more than 50% in the first half of this year.

The company said the robust growth in net profit was due to an increase in electricity price and lower costs of coal.

In the first six months of 2011, Shanghai Electric Power booked a net profit of RMB 183 million, and basic earnings per share were about RMB 0.09.

In the first quarter of this year, the company's net profit rose 24.16% YoY to RMB 172.50 million, while its core business revenue fell 13.12% to RMB 4.04 billion.