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amber energy ltd (90) Snapshot

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52 Week High
03/3/14 - $1.10
52 Week Low
05/14/14 - $0.71
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amber energy ltd (90) Details

Amber Energy Limited, an investment holding company, develops, operates, and manages power plants fuelled by natural gas in the People’s Republic of China. As of December 31, 2013, it owned and operated three natural gas-fired power plants with an installed capacity of approximately 299MW. The company was incorporated in 2008 and is headquartered in Hangzhou, the People’s Republic of China. Amber Energy Limited is a subsidiary of Amber International Investment Co., Ltd.

272 Employees
Last Reported Date: 09/18/14
Founded in 2008

amber energy ltd (90) Top Compensated Officers

Executive Chairman, President, Chairman of No...
Total Annual Compensation: CNY512.0K
Company Secretary and Executive Director
Total Annual Compensation: CNY505.0K
Compensation as of Fiscal Year 2013.

amber energy ltd (90) Key Developments

Amber Energy Limited Provides Update on Legal Proceedings Involving Subsidiary

Amber Energy Limited announced that it has been informed by Anji Power Plant that its appeal filed against the judgement handed down by the First Intermediate Peoples' Court of Shanghai Municipality regarding the Legal Proceedings that Anji Power Plant had committed the offence of smuggling general goods and was fined RMB 1.5 million, has been rejected by the High People's Court of Shanghai Municipality, and the Judgement is ordered to be maintained. The board of directors of the company considers that the results of the Appeal would not have any material impact on the operation of the company.

Amber Energy Limited Provides Earnings Guidance for the Year Ended 31 December 2014

Amber Energy Limited provided earnings guidance for the year ended 31 December 2014. The Group bore an increase of approximately 21% in natural gas cost due to the increase in the cost for power generation as mentioned in the Announcement. The adverse impact on earnings caused by the aforesaid adjustment of natural gas price persisted and was fully reflected in the results of the Group during the 2014 financial year, leading to the turnaround from profit to loss in the Group's results for 2014. Based on the unaudited management accounts of the Group, the Group is expected to record a consolidated loss of approximately RMB 10,000,000 for the year ended 31 December 2014.

Amber Energy Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended 30 June 2014; Announces Production Results for the Six Months Ended 30 June 2014

Amber Energy Limited announced unaudited consolidated earnings results for the six months ended 30 June 2014. For the period, the company reported turnover was RMB 449,953,000 against RMB 293,383,000 a year ago. Operating profit was RMB 19,703,000 against RMB 29,447,000 a year ago. Loss before income tax was RMB 14,000 against profit before income tax of RMB 13,996,000 a year ago. Loss for the period was RMB 1,714,000 or RMB 0.004 per diluted share against profit of RMB 7,526,000 or RMB 0.02 per diluted share a year ago. The increase in turnover was primarily due to the increase in production of the Group in the first half of 2014. The loss attributable to equity shareholders of the Company was mainly because one of the generators in the Anji Project attained ‘ready for use’ status, the relevant project expenditures were required to be expensed (rather than capitalised) and recognised in the income statement in accordance with the accounting policies in force, which offset the profits recorded for the period. Net cash generated from operating activities for the first half of 2014 was RMB 87,289,000, representing an increase of 140.23% as compared with RMB 36,336,000 in the corresponding period of last year. Net cash used in investment activities was RMB 85,084,000 against RMB 64,086,000 in the corresponding period of last year, which was mainly due to the increase in payment for property, plant and equipment, including the payment for the construction and purchase of equipment for the Anji Project of RMB 60,190,000. The production for the six months ended 30 June 2014 was 566,726Mwh, representing an increase of 28.06% as compared with 442,537Mwh in the corresponding period of last year. Due to the growth in electricity demand in Zhejiang province in the first half of 2014, production volume of the Group increased. The total natural gas supply for the six months ended 30 June 2014 was 132.41 million cubic meters, representing an increase of 28.94% as compared with 102.69 million cubic meters in the corresponding period of last year.


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