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Yangtze Power Q1 profit drops on rising costs

(Agencies)
Updated: 2008-04-16 09:46

China's Yangtze Power Co Ltd, operator of the Three Gorges hydroelectric dam, said on Wednesday first-quarter profit dropped as much as 40 percent from a year ago due to rising costs and less power generation.

Net income during the first three months of this year fell 30 to 40 percent, while earnings per share slumped 40 to 50 percent, Yangtze Power said in a statement to the Shanghai Stock Exchange, refuting a previous media report that its first-quarter earnings had risen by 20 percent.

The drop in profit was partly caused by rising financial costs, policy changes and the impact of depreciation, the company said.

Early this month, Yangtze reported that it generated 2.7 percent less electricity in the first quarter compared with a year earlier.

The company shares Three Gorges output with its state-owned parent, China Three Gorges Project Corp.