1st Quarter Results

RNS Number:2573K
Zhejiang Southeast Elec Power Co Ld
23 April 2003



               Zhejiang Southeast Electric Power Company Limited

                 Announcement on Results of First Quarter 2003

I.                 Particulars of the Company

Listing place of B shares: Shanghai Stock Exchange

Abbreviation of B shares: ZSEPC B Shares

Code of B Shares: 900949

Listing Place of GDRs: London Stock Exchange

Code of GDRs: 0949QLT

II.                Profit During the Reporting Period

1. The Company is mainly engaged in investment, development and operation of the
electric power business.  The principal operating income of the Company is
entirely attributable to electric power generation activities.

2. Statement of Profit (unaudited)

                                                                             Unit: RMB Yuan

                               January to March 2003                   January to March 2003

Item                    Parent Company       Consolidated       Parent Company       Consolidated

1. Income from          780,906,734.38      904,087,305.00      802,228,393.10      802,228,393.10
principal operating
activities

Less: Principal         508,791,530.15      603,658,400.80      515,340,670.57      515,340,670.57
operating costs

Principal                 9,038,430.50       10,359,714.47       12,679,346.95       12,679,346.95
operating tax and
surtax

2. Profit from          263,076,773.73      290,069,189.73      274,208,375.58      274,208,375.58
principal operating
activities
(loss indicated by "-")

Add: Profit from            -18,311.67          -18,311.67          223,354.85          223,354.85
other activities
(loss indicated by "-")

Less: Operating
expenses

Administrative           32,086,898.55       36,553,342.21       28,610,524.97       28,610,524.97
expenses

Financial                 5,917,795.59        13,085,140.46        -922,791.47         -922,791.47
expenses

3.Operating profit      225,053,767.92      240,412,395.39      246,743,996.93      246,743,996.93
(loss indicated by "-")

Add: Investment           8,742,149.28
income
(loss indicated by "-")

Subsidy
income

Non-operating income        360,520.68          360,520.68          130,167.06          130,167.06

Less: Non-operating         549,567.00          673,452.02        7,994,966.04        7,994,966.04
expenses

4.Gross profit          233,606,870.88      240,099,464.05      238,879,197.95      238,879,197.95
(loss indicated by "-")

Less: Income tax         77,090,267.39       80,341,246.84       78,830,135.33       78,830,135.33

Minority                                     3,241,613.72
shareholder's gain
and loss

5.Net profit            156,516,603.49      156,516,603.49      160,049,062.62      160,049,062.62
(loss indicated by "-")


Board of Directors
Zhejiang Southeast Electric Power Company Limited
23 April 2003


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