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Sinohydro expects 30% profit growth for 2011

Jan. 16, 2012 (China Knowledge) - Sinohydro Group Ltd<601669>, a state-owned multinational corporation principally engaged in hydropower supply, said yesterday that its net profit attributable to shareholders in 2011 may have increased between 20% and 30% from two years ago.

The profit growth was principally boosted by increased revenue and gross margin, especially in overseas business, said the Shanghai-listed firm.

Analysts noted the net profit would have reached between RMB 3.5 billion and RMB 3.8 billion based on the company's net profit of RMB 2.91 billion in 2010.

Sinohydro also expects between 10% and 15% operating revenue growth for last year, and the firm's operating revenue for 2010 stood at RMB 101.49 billion.

Last October, the Chinese hydropower giant launched its initial public offering on the Shanghai Stock Exchange by issuing 3 billion shares with fundraising of RMB 13.5 billion, making it the country's largest A-share IPO by size in 2011.

UBS Securities estimated that China would invest nearly RMB 450 billion in water conservancy industry next year.

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