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Longyuan Full-Year Net Income Drops 21% on Increased Expenses

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March 17 (Bloomberg) -- China Longyuan Power Group Corp., the nation’s biggest wind-farm developer, said full-year profit declined 21 percent as costs increased.

Net income fell to 2.05 billion yuan ($332 million) in the 12 months ended Dec. 31 from 2.59 billion yuan a year ago, Longyuan said today in a statement to the Hong Kong stock exchange. The mean estimate of 20 analysts compiled by Bloomberg was for profit of 2.99 billion yuan. Sales rose 11 percent to 19.1 billion yuan.

Operating expenses climbed 8.1 percent to 13.55 billion yuan, amid higher maintenance, depreciation and amortization costs, the company said.

Longyuan shares fell 1.6 percent to close at HK$9.20 in Hong Kong before the earnings were announced.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net

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