HK Stock Market Move | CGN NEW ENERGY (01811) rose more than 9% after performance announcement. Annual net profit attributable to shareholders increased by 11.2% year-on-year. Proposed final dividend of 1.61 US cents per share.
CNNC New Energy (01811) rose more than 9% after the performance, as of the time of publication, up 8.76% to HK$2.73, with a turnover of HK$26.124 million.
CGN NEW ENERGY (01811) rose by more than 9% after the performance announcement, up 8.76% to HKD 2.73 as of press time, with a turnover of HKD 261.244 million.
In terms of news, CGN NEW ENERGY released its annual performance with a total revenue of USD 1.6928 billion, a year-on-year decrease of 13.2%; the profit attributable to equity shareholders of the company was USD 275.9 million, an increase of 11.2% year-on-year; earnings per share were 6.43 cents. It is proposed to distribute a final dividend of 1.61 cents per share. The increase in net profit was mainly due to the sale of a subsidiary during the year, as well as a reduction in impairment losses on property, plants, and equipment, which also contributed to the performance.
In terms of business segments, revenue from wind power projects in China was USD 652 million, a decrease of 5.1% from the previous year, mainly due to lower electricity prices and reduced power generation. Revenue from coal, cogeneration, and gas projects in China was USD 36.3 million, a decrease of 70.1% from the previous year, mainly attributed to the sale of the cogeneration project during the year. Revenue from South Korea was USD 727 million, a decrease of 20.1% year-on-year.
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