By Joe Hoppe


China Yangtze Power Co. said Friday that its pretax profit and revenue rose in the third quarter, on the back of strong demand and an acquisition.

The Chinese hydropower company, listed in Shanghai and recently in London, said that for the three months to Sept. 30 it made a pretax profit of 15.40 billion yuan ($2.29 billion), up from CNY11.43 billion for the same period last year. The company attributed the rise in profit to the large amount of electricity it sold in the flood season, and the acquisition of Peruvian electric utility company Luz del Sur SAA during the reporting period.

Operating revenue rose to CNY22.95 billion, from CNY17.72 billion for the year-earlier period.

Shares at 0917 GMT were up CNY0.06, or 0.3%, at CNY18.96.


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(END) Dow Jones Newswires

October 30, 2020 05:44 ET (09:44 GMT)

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