Datang International Power Generation Co<601991><0991>, China's second-largest publicly traded electricity producer, announced yesterday that it expected its net profit in 2010 to surge more than 50% year on year.
The company said in a statement that the strong growth in net profit was due partly to an expanded installed power capacity, an increase in core business revenue and contributions from non-power businesses.
In 2009, the power producer recorded a net profit of RMB 1.48 billion, and earnings per share were nearly RMB 0.13.
Datang International Power said earlier that its electricity output grew 25.81% year on year to 178.5 terawatt hours in 2010. On-grid electricity sold by the power producer jumped 25.96% year on year to 168.2 TWhs in 2010.
Datang International Power said that it will actively enter the coal mining, coal chemical and coal-to-gas fields, according to an earlier report from China Knowledge.
