Hong Kong: At its interims on Friday one of the largest independent power producers in China, Datang International Power Generation Co, gave details of its diversification into shipping and shipbuilding.
Jiangsu Datang Shipping Company Limited ("Datang Shipping Company"), in which the group holds 97.54% interest, actively commenced shipbuilding works in the first half and entered into relevant agreements on planned construction of four 45,000-ton bulk cargo vessels and two 76,000-ton bulk cargo vessels, thereby further expanding the fleet scale of the group. "The development and strengthening of Datang Shipping Company will help ease the tense situation facing the Group's coastal power plants in regard to transportation of thermal coal, stabilise transportation costs for thermal coal, and enhance its transportation self-sufficiency," the power company said in a statement.
For the period, operating revenue of the whole group was approximately Rmb28,946 million, representing an increase of 39.66% over the corresponding period of 2009. Net profit attributable to equity holders of the company was approximately Rmb912 million, an increase of 27.91% year-on-year. [23/08/10]
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