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Name | Symbol | Market | Type |
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Barclays 27 | LSE:BQ36 | London | Medium Term Loan |
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RNS Number:0733Y Zhejiang Southeast Elec Power Co Ld 28 April 2004 Zhejiang Southeast Electric Power Company Limited Announcement on First Quarterly Results for 2004 I. Share Name Abbreviation: ZSEPC B Share Share Code: 900949 II. Main Accounting Figures and Financial Indicators In Current From Year Beginning Increase/Decrease Reporting Period to End of Current Compared with the Same Reporting Period Period of Previous Year Earnings per Share (RMB yuan/share) 0.111 0.111 42.31% III. Statement of Profit Unit: RMB yuan Unaudited Item Amount of Current Period Amount of Same Period of Previous Year Consolidated Parent Company Consolidated Parent Company 1. Principal operating 1,292,311,711.76 1,038,865,213.30 904,087,305.00 780,906,734.38 income Less: Principal operating 857,219,009.73 673,408,298.30 603,658,400.80 508,791,530.15 costs Principal operating tax 13,697,720.70 11,310,346.70 10,359,714.47 9,038,430.50 and surtax 2. Principal operating 421,394,981.33 354,146,568.30 290,069,189.73 263,076,773.73 profit (loss denoted by "-") Add: Profit from other 648,173.14 648,173.14 -18,311.67 -18,311.67 activities (loss denoted by "-") Less: Operating expenses - - - - Administrative expenses 63,189,917.01 57,460,348.57 36,553,342.21 32,086,898.55 Financial expenses 9,223,467.00 -5,479,691.39 13,085,140.46 5,917,795.59 3.Operating profit 349,629,770.46 302,814,084.26 240,412,395.39 225,053,767.92 (loss denoted by "-") Add: Return on investment - 20,057,103.48 - 8,742,149.28 (loss denoted by "-") Subsidy income - - - - Non-operating income 53,014.00 53,014.00 360,520.68 360,520.68 Less: Non-operating 764,673.70 4,334.20 673,452.02 549,567.00 expenses 4.Gross profit 348,918,110.76 322,919,867.54 240,099,464.05 233,606,870.88 (loss denoted by "-") Less: Income tax 115,142,976.55 99,944,712.14 80,341,246.84 77,090,267.39 Less: Minority 10,799,978.81 - 3,241,613.72 - shareholders' gains and losses 5.Net profit 222,975,155.40 222,975,155.40 156,516,603.49 156,516,603.49 (loss denoted by "-") IV. The Management's Discussion and Analysis In this reporting period, the electricity sales completed by the Company went up by 39.12% to 3.709 billion kwh compared with that in the same period of the previous year based on the consolidated financial statements. The electricity sales increase resulted from (a) the Company's effort to organize production with care and make full use of its generating capacity within the safety limits in response to the surging power demand in Zhejiang province; and (b) the addition of a newly commissioned 300 MW unit of Zhejiang Changxing Power Generating Company Limited, a subsidiary controlled by the Company. In this reporting period, the actual average settlement tariff rate of the Company based on the consolidated financial statements increased by RMB 9.31 yuan/MWh to RMB 348.44 yuan/MWh compared with that in the same period of the previous year. The rise in power sales tariff was due to the fact that (a) the power tariff applicable to the Company was raised by RMB 7 yuan/MWh (including tax) effective from 1 January 2004 in accordance with Document Zhe Jia Shang (2003)445 entitled Notice on Adjustment to Power Tariff of Coal-Fired Power Plants Under ZPEPC's Unified Dispatch issued by Zhejiang Provincial Pricing Bureau; and that (b) all the electricity sales of the Company were settled at the contractual price starting from July 2003 as the price bidding in Zhejiang power market was suspended, whereas approximately 20% of the electricity sales over the same period of the previous year were settled at the market price. Due to the synergy of the increase in energy sales and the rise in power tariff, the principal operating income, the principal operating profit and the net profit of the Company grew by 42.94%, 45.27% and 42.46% to RMB 1,292 million yuan, 421 million yuan and 223 million yuan respectively compared with those in the same period of the previous year. Board of Directors Zhejiang Southeast Electric Power Company Limited 28 April 2004 This information is provided by RNS The company news service from the London Stock Exchange END QRFFGGZDFRNGDZG
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