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China's Huadian Power mulls 3.5 bln yuan in new shrs

Wed Aug 12, 2009 6:01am EDT

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HONG KONG, Aug 12 (Reuters) - Chinese power producer Huadian Power International Corp (1071.HK) (600027.SS) said on Wednesday it could raise up to 3.5 billion yuan ($512 million) by 2013 through the issue of new A- or H-shares. The company also plans to invest 80 billion yuan in coal mines and power plants over the next five years, financial controller Chen Cunlai said at a press conference to discuss the company's latest results.

Huadian reported a return to profit in the first half of 2009 on Tuesday, buoyed by two tariff increases in the second half of last year and lower coal costs.

The firm said its net profit totalled 544.8 million yuan for January-June. The power provider lost 506.3 million yuan in the same period a year earlier. The result was slightly higher than the 515 million yuan forecast by four analysts polled by Reuters. (Reporting by Sui-Lee Wee and Joanne Chiu, Editing by Chris Lewis)



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