According to the Zhitong Finance App, China Resources Electric Power (00836) announced 2019 interim results. The group's turnover during the period was HK$32.916 billion, a decrease of 16.3% over the previous year. Profit attributable to company owners was HK$4,018 million, an increase of 35.8% over the previous year. The basic profit per share is HK83.52 cents, and an interim dividend of HK20.00 cents per share is proposed.
According to the announcement, on June 30, 2019, the group's operating equity installed capacity was 38005 MW. Among them, the operating equity of coal-fired power generation was 29,389 megawatts, accounting for 77.3%; the total installed capacity of clean and renewable energy operating interests was 8,616 megawatts, accounting for 22.7%, up 2.3 percentage points from the end of 2018.
The electricity sales volume of subsidiary power plants in the first half of 2019 was 70646.35 million megawatt-hours, down 5.1% from 74,4276 million megawatt-hours in the first half of 2018. This is mainly due to the slowdown in the growth rate of electricity demand in the whole society, and the decline in electricity sales at coal-fired power plants in Henan and Guangdong provinces due to coal restrictions, the increase in electricity transmission capacity from Xidian East, and other factors. Fuyang Power Plant was reclassified as an associated company in December 2018 after the stock ratio was reduced, and electricity sales in 2018 and the first half of 2019 did not include the power plant.
Furthermore, operating profit for the first half of 2019 was HK$6.78 billion, an increase of 1.7% over the previous year. The increase in operating profit was mainly due to lower fuel costs per unit of ancillary coal-fired power plants due to lower coal prices and lower coal consumption for electricity; reduced asset impairment losses; the profit contribution of newly put into operation of wind power; however, after the sale of Shanxi coal assets, the profit contribution of the coal industry declined; electricity sales of subsidiary power plants declined; and the decline in the exchange rate of RMB to the Hong Kong dollar was partially offset by a decline in the exchange rate of RMB to the Hong Kong dollar.