August 31 -- Guangdong Electric Power Development  posted a 26.22-percent fall in net profit in the first half of 2011 to 318 million yuan despite a 3.52 percent increase in revenue to 6.471 billion yuan, with earnings per share of 0.11 yuan, reports yicai.com, citing a company filing.

The firm’s net profit drop was blamed on higher fuel costs and financial expenses.

Guangdong Power plans to issue 988 million shares to its share controller, Guangdong Electric Power Group, in order to acquire seven electric power companies under Guangdong Electric Power Group, with transaction value of 6.039 billion yuan.

Guangdong Power’s aforementioned private placement plan has been approved by China’s Securities Regulatory Committee (CSRC).

Shares of Guangdong Electric Power Development (000539) fell 0.21 percent to close at 4.8 yuan today.

Source:capitalvue