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Datang Power Announces Results for the First Three Quarters

编辑:AG集&# 日期:2018-10-29


Net Profit Reaches RMB2,702 Million

HONG KONG, Oct. 25 /Xinhua-PRNewswire-FirstCall/ -- Datang International Power Generation Co., Ltd. ("Datang Power" or the "Company") (HKEx: 991; SSE: 601991; LSE: DAT; ADR: DIPGY) announced the unaudited operating results of the Company and its subsidiaries and jointly controlled entities (collectively the "Group") for the nine months ended 30 September 2007 (the "PerioAAAAAAAAAAAA> During the Period, the Group realised a net profit (excluding profit / loss attributable to minority shareholders) of RMB2,702 million under PRC GAAP. Basic earnings per share amounted to RMB0.23. The board of directors is satisfied with the Group's production operations for the first three quarters of the year.

Mr. Zhai Ruoyu, Chairman of Datang Power, said, "With the PRC economy maintaining a steady and relatively fast growth, the power demand within the service areas of the Company during the first three quarters of the year also continued to rise steadily and rapidly. Benefitting from a positive operating environment and that a number of the Company's new generation units commenced operation in the second half of 2006, the Group has grown its overall power generation capacity substantially. Accordingly, the Group maintained satisfactory growth on its power generation and on-grid power generation during the PerioAAAAAAAAA> Based on the Group's preliminary statistics, the total power generation of the Group's power plants during the Period amounted to 86.597 billion kWh, an increase of 31.60% when compared to the corresponding period of 2006. The Group's total on-grid power generation was 81.539 billion kWh, an increase of 31.88% year-on-year. The Company's generation units also witnessed an improvement in operating reliability. During the Period, the Company's equivalent availability factor increased by 0.42 percentage point to 94.56%.

During the Period, the Company has also been striving for strengthening its financial position. Pursuant to the corporate bond issue proposal approved at the extraordinary general meeting, the board of directors subsequently proposed to issue the first tranche of corporate bonds with an issue size of RMB3 billion and a term of 15 years. The coupon rate of the corporate bonds will remain unchanged during the subsistence period and will be determined by the Company and the sponsor through a book-building process in the market. Excluding the issuance fees, RMB2 billion of the proceeds from the issue of the corporate bonds will be applied to repaying bank loans and the remainder of the proceeds will be applied to replenishing the Company's working capital.

Mr. Zhai said, "To facilitate the business strategy of continued expansion, Datang Power has been actively researching any feasible and low-cost financing channels to assure adequate funding for the Company's development. The Company believes that the issue of corporate bonds will reduce the Company's overall financing costs and will enhance the Company's financial position."

Looking forward, Mr. Zhai said, "The Company will continue to implement its diversified development strategy, actively pursuing the development of projects in thermal power, renewable energy such as hydropower and wind power, nuclear power, coal and railways, as well as power-related upstream and downstream projects. Accordingly, a stronger foundation for the Company's resource reserves will be established to ensure a healthy, continued development of the Company."

Datang International Power Generation Co., LtAAAAAAAA> Datang International Power Generation Co., Ltd. is one of the largest independent power producers in China. As at 30 September 2007, the Company's total installed capacity in operation amounted to 19,434.7 MW. Datang Power has been listed on The Stock Exchange of Hong Kong Limited and the London Stock Exchange respectively since March 1997. Since September 2001, the Company's American Depositary Receipts (ADRs) have been traded in the U.S. over-the-counter market. The Company has been successfully listed on the Shanghai Stock Exchange since December 2006.

For enquiries, please contact:

Mr. Grant Zhang / Ms. Karen Chen

Datang International Power Generation Co., LtAAAAAAAA> Tel: +86-10-8358-1428 / +86-10-8358-2217

Fax: +86-10-8358-1911

Ms. Edith Lui / Ms. Denice Lee

Rikes Communications LimiteAAAAAAA> Tel: +852-2520-2201

Fax: +852-2520-2241