China Longyuan Power Group Corp., the country's biggest wind-power producer, posted a 165.3 percent increase in profit last year as it expanded capacity.
Net income rose to 894 million yuan ($131 million), or 0.174 yuan a share, from 337 million yuan, or 0.0675 yuan a share, the previous year, the Beijing-based company said in a statement to the Hong Kong stock exchange on Mar 30. That compares with a median estimate of 898 million yuan in a survey of three analysts compiled by Bloomberg.
China will increase its wind-power capacity more than fivefold in the next decade to reduce its reliance on more polluting coal and oil, Zhang Guobao, head of the government's National Energy Administration, said on May 26. China Longyuan's electricity generation rose 69.9 percent to 17.2 billion kilowatt-hours in 2009 after it expanded its facilities, according to the statement on Mar 30.
"Unprecedented opportunities are arising in the development of renewable energy," the company said. Chinese government's policies on reducing carbon emission will put the company "in an extremely favorable position in wind power development."
