CGN New Energy Announced its 2016 Annual Results
( 2017-03-16 )

 

On 16 March 2017, CGN New Energy Holdings Co., Ltd. (“CGN New Energy”, Stock Code 1811.HK) held its Annual Results Announcement Meeting in Hong Kong, releasing the annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2016. Chairman Mr. Chen Sui, President and Executive Director Mr. Lin Jian, Chief Accountant Mr. Yao Wei and Assistant President, Corporation Secretary and the General Manager of Investor Relations Department Mr. Lee Kin presented at the meeting.

As shown on the annual results announcement of CGN New Energy published on 15 March 2017, as of 31 December 2016, the attributable installed capacity of the Group’s power plants reached 4,984.6 MW. The revenue of the Group for the year ended 31 December 2016 amounted to US$1,074.4 million. For the year ended 31 December 2016, the profit before tax of the Group was USD 119.9 million, and the profit attributable to shareholders of the Company amounted to USD 79.5 million. In 2016, the net electricity generated from the consolidated power generation projects of the Group reached 11,836.7 GWh, representing an increase of 14.1% compared with that of last year, and the total steam sold by the Group amounted to 2,989,000 tons, representing an increase of 8.6% as compared with that of last year.

Facing the future macro-economic environment, development trend in the power industry as well as the remaining challenges in the PRC and Korean markets which include the decreases in tariff and utilization hours, power restriction, exchange rate and interest rate, the Group will continue to give full play to its role as the sole global platform of China General Nuclear Power Corporation (“CGN”) for the development and operation of non-nuclear clean and renewable power generation projects. The Group will continue to seek acquisition opportunities in relation to high quality clean and renewable power generation projects and continuously acquire clean and renewable power generation projects from CGN. The Group will also constantly promote its own greenfield and brownfield projects to upgrade its core capacity in the operation and maintenance of the wind power and solar power businesses, thereby enhancing its market competitiveness and profitability to reward shareholders with outstanding performance.