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PrintChina's GD Power Development (GDPD), a listed arm of China Guodian Corp., reported Saturday its net profit plunged 89.54 percent year on year in 2008 because of rising coal prices and weakened demand for electricity in the second half of last year.
The GDPD's net profit fell to 178.87 million yuan (26.19 million U.S. dollars) in 2008, while earnings per share slumped 90.21 percent to 0.033 yuan, according to a company statement made to the Shanghai Stock Exchange on Saturday.
Total operation income stood at 16.44 billion yuan in 2008, down 5.88 percent from a year earlier, the company said.
China Guodian Corp. is one of China's five largest power producers.
Power generated by the GDPD, and those companies controlled by the GDPD, fell 1.06 percent year on year to 60.4 billion kilowatt in 2008, and electricity transmitted to the power grid dropped 1.84 percent to 56.1 billion kilowatt, the GDPD said.
As of the end of 2008, total installed power capacity held by the GDPD stood at 13.6 million kilowatt, up 11 percent over the same period in 2007. –Xinhua
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