July 22 -- Guizhou Qianyuan Power (002039) posted in its preliminary first-half earnings report that it had returned to profits, with net profit attributable to shareholders of 15.27 million yuan, reports stcn.com. First-half revenue grew 121 percent year-on-year to 651 million yuan, yielding earnings per share (EPS) of 0.075 yuan.

Its profit base in the first half of 2010 was low due to serious droughts in inland Guizhou province. This year, the western province has seen adequate rainfall. Two units of Qianyuan Power’s Dongjing Power Station, which runs on the Beipan River in the province’s southwest, were put into operation last year, boosting power production year-on-year in the first half of 2011.

The adjustment of depreciation calculations was the main source of the company’s profit jump, the source said.

Source:CapitalVue