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SDIC Huajing Power 2009 net profit down 19% on higher costs, weak demand

(Xinhua)
Updated: 2010-04-21 14:25
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BEIJING - SDIC Huajing Power Holdings Co Ltd, a major Chinese electricity producer, said Wednesday its 2009 net profit declined 19.3 percent year-on-year on increased business costs and weak demand.

Special Coverage:
2009 Annual Reports of Listed Companies
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Net profit fell to 531 million yuan ($77.8 million), even as revenues grew 8.48 percent from the previous year to 11.9 billion yuan, according to its annual report filed with the Shanghai Stock Exchange.

The firm said costs increased at a faster rate than revenues and that electricity demand had softened in 2009, explaining the profit decrease.

The company's A-share stock price had gained 1.7 percent to hit 8.98 yuan per share at midday Wednesday.
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