Mar. 19, 2012 (China Knowledge) - China Resources Power Holdings Co Ltd<0836
>, a subsidiary of China Resources Holdings, announced today that its net profit fell 9.2% year on year to HK$4.45 billion last year, dragged down by higher fuel costs.
The company's turnover jumped 25% year on year to HK$60.71 billion in the year.
The power producer saw its fuel costs surge 29.4% year on year to HK$38.38 billion last year, due to rising coal prices.
To offset the effect of rising fuel costs, the company has been expanding its coal business and saw its coal output grow 43.3% from the previous year to 16.37 million metric tons in 2011.
At the end of last year, the company's installed power capacity had increased 14.8% year on year to 22.23 gigawat, of which 93.4% was thermal power capacity.
China Resources Power generated 120 terawatt hours of electricity last year, up 15.4% year on year. Electricity sales grew 15.8% to 112 TWhs in the year.