Datang Renewables Swings to Profit on Higher Power Output

China Datang Corp. Renewable Power Co., a Chinese developer of wind farms, returned to profit in the first half as stronger winds boosted power generation.

Net income was 211.5 million yuan ($27 million) compared with a net loss of 14.4 million yuan a year ago, the Beijing-based company said in a statement to the Hong Kong stock exchange on Friday. Sales rose 13 percent to 2.91 billion yuan.

Chinese developers are benefiting from capacity expansion and windy weather this year. The nation may install a record 25 gigawatts of wind power this year alone, according to data compiled by Bloomberg. The addition will almost double China’s wind-generation capacity compared with the U.S., Bloomberg New Energy Finance’s data shows.

Wind-power generation at Datang Renewables rose 15 percent in the period, while output from other renewable sources gained 3 percent, the company said in July. Its turbines in Shanxi, Henan and Heilongjiang provinces saw the fastest growth, according to the company.

Datang said it added 301.5 megawatts of installed power capacity in the first six months of the year.

The stock slid 5.5 percent in Hong Kong on Friday before the earnings were announced to close at HK$1.04.

— With assistance by Feifei Shen

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