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PRESS

2010-03-08

Our Group Announces FY2009 Nine Months Results

Highlights

• Consolidated revenue amounted to HK$562,597,000
• Profit attributable to equity holders was HK$181,236,000, representing an annualized increase of 107% over last reported year
• Cash on hand and cash equivalents was HK$1,109,561,000
• Net asset value was approximately HK$3,267,843,000, an increase of 32% as compared to that at 31 March 2009
• The Group had 12 wind power plants (total capacity of 566MW) in operation and four plants (total capacity of 349MW) under construction
• Plan to invest and construct new wind power projects with total capacity of 700 MW in 2010

Our Group today announced our nine months results for the nine months ended 31 December 2010. As the Group has changed its financial year end date from 31 March to 31 December, the results herein thus covers the financial performance of the Group for nine months only.

During the nine months, the Group’s consolidated revenue amounted to HK$562,597,000 (for the year from 1 April 2008 to 31 March 2009: HK$379,389,000). Profit attributable to equity holders was HK$181,236,000 (for the year from 1 April 2008 to 31 March 2009: HK$116,766,000), representing an annualized increase of 107%. Fully diluted earnings per share were 2.59 HK cents (for the year from 1 April 2008 to 31 March 2009: 1.81HK cents).

At 31 December 2009, the Group’s cash on hand and cash equivalents were HK$1,109,561,000 (at 31 March 2009: HK$745,061,000). Net asset value was HK$3,267,843,000, an increase of 32% when compared to that at 31 March 2009.

Wind Power Business Overview

The Group continued to build up quality wind resources reserve. During the reporting period, it signed exclusive development agreements with local governments for wind power resources of 2,250MW, which brought its total reserves of wind power resources to 9,510MW. During the period under review, the Group accelerated its project development capabilities and successfully obtained many project approvals.  These approvals have not only helped to ensure project development progress in 2009 and make the Group well positioned for further progress in the years ahead.

As at end of December of 2009, the Group has invested in and constructed 16 wind power plants with a total installed capacity of 914 MW, of which 561 MW was attributable to the Group.  12 wind power plants with a capacity of 566 MW have begun to generate electricity on-grid and 4 with a capacity of 349MW are under construction. 

The registration of Clean Development Mechanism (“CDM”) of wind power plants were progressing well. Two wind power projects have secured registration with the United Nations. 5 other projects obtained approval from the NDRC and are currently being reviewed by the United Nations CDM Executive Board.

During the period, the Group’s Consultancy & Design Unit obtained the professional qualifications for providing engineering and consultancy services for wind power. During the period, the unit completed 81 reports in relation to wind resources assessments, initial resources deployment proposal, feasibility studies, micro site selection  and wind farm construction designs.  This business segment generated revenue of HK$49,561,000 for the Group for the nine-month period (for the year ended 31 March 2009: HK$17,353,000).

The Group’s wind power engineering and construction service business progressed smoothly during the period. It has secured and constructed 13 wind power projects with a total installed capacity of around 845MW. The business segment earned revenue of HK$227,968,000 for the nine-month period (for the year ended 31 March 2009: HK$125,447,000).

The Group’s wind power tower tube equipment manufacturing unit has achieved ISO9001 standard accreditation, completed the manufacturing of 244 wind tower tubes and recorded revenue of HK$270,071,000 in the nine-month period (for the year ended 31 March 2009: HK$227,273,000).

During the period, the Group has taken on operation and maintenance service contracts for 12 wind power plants in Liaoning, Jilin and Inner Mongolia Provinces. The Group has also strengthened its cooperation with domestic and internationally renowned operation and maintenance and technology consultancies and equipment manufacturers. The segment generated revenue of HK$14,997,000 in the nine-month period (for the year ended 31 March 2009: HK$9,316,000).

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