China Resources Power income jumps to HK$6.5b

China Resources Power (0836) said net profit surged by 66.86 year-on-year to HK$6.59 billion and said power demand was low in the first two months this year amid the coronavirus pandemic in the mainland.

The basic earnings per share were HK$1.37 and a final dividend of 34.8 HK cents was declared, totaling a full-year dividend of 54.8 HK cents.

Turnover, however, slid by 11.93 percent from a year ago to HK$67.76 billion, mainly due to the disposal of coal assets in Shanxi province and reduction of equity interest in China Resources Fuyang Power Plant last year, a 4.3 percent depreciation in the exchange rate of yuan against Hong Kong dollar as well as the year-on-year decrease of 1.6 percent in the total net generation volume of subsidiary power plants.