China Datang Corp Renewable Power Co, the renewable energy unit of China Datang Corp, announced yesterday that its net profit surged 84% year on year to RMB 456 million in 2010, due to rise in profit margin.
The figure was higher than the forecast of RMB 405 million in the company's prospectus in December last year.
Last year, the company's revenue surged 66.6% year on year to RMB 2.38 billion, boosted by a 71.8% increase in electricity sales revenue.
The Hong Kong-listed company saw profit margin rise to 28.5% in 2010 from 26.4% in 2009, due to a decrease in prices of wind power equipment.
At the end of last year, the company's installed wind power capacity had reached 4.03 gigawatt, 54% more than a year earlier. Total electricity output was 5.15 terawatt hours, up 70% year on year.
This year, the company plans to add 1.5 GW of installed wind power capacity.
