China WindPower Group Ltd., a Hong Kong-listed renewable energy company, more than doubled first- half profit after increasing sales of turbine equipment and the number of wind farms it operates.
Net income rose to HK$133.2 million ($17 million), or HK$1.81 a share, from HK$62.5 million, or 97 Hong Kong cents a share, a year earlier, according to a statement on the Hong Kong stock exchange website today. That’s higher than a median estimate of HK$118 million from two analysts surveyed by Bloomberg. Sales climbed to HK$348.9 million from HK$137.85 million.
China WindPower aims to build 10 to 12 wind farms this year, boosting its generating capacity to about 1.066 gigawatts as the nation encourages the use of renewable energy to reduce its reliance on more polluting coal and oil. The government wants to have installed wind capacity of 100 gigawatts by 2020.
The company’s investment in wind farms will be about HK$900 million this year, the company said March 8. The energy provider plans a similar level of annual investment in wind farms up to 2015, Executive Director Samantha Ko said then.