Jointo Energy Posts 10M Yuan Loss In H1


Hebei Jointo Energy Investment (000600) incurred a loss of 10.04 million yuan in the first half of 2011, failing 141.85 percent year-on-year, with earnings per share falling 0.01 yuan and revenues rising 9.56 percent year-on-year to 2.902 billion yuan, reports China Business News, citing a company filing.

Jointo Energy’s loss was blamed on a higher thermal coal price. Jointo Energy’s power generation subsidiary reportedly purchased the standard coal for 757.54 yuan per ton in the first half of 2011, up 12 percent year-on-year.

National Development and Reform Commission (NDRC) raised the price of on-grid power in Hebei province this April, while Jointo Energy’s gross margin of power generation business fell 1.68 percent year-on-year in first half of 2011.

According to the report, Jointo Energy’s total power generation and on-grid power generation volumes in first half were 8.749 terawatt hours (TWh) and 8.172 TWh.


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