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Net profit of Chongqing Three Gorges Water Conservancy and Electric Power plunges in Q3

(Xinhua)

13:22, October 20, 2011

BEIJING, Oct. 20 (Xinhua) -- Chongqing Three Gorges Water Conservancy and Electric Power Co., Ltd. said Thursday its net profit plunged 62.91 percent year-on-year in the third quarter to 9.88 million yuan (1.54 million U.S. dollars).

In the first nine months, the company's net profit fell 77.46 percent year-on-year to 14.12 million yuan, with earnings per share of 0.05 yuan, it said in a statement to the Shanghai Stock Exchange.

The power generation company attributed the decrease in net profit to the gross profit decrease in the hydropower business caused by insufficient on-grid hydropower generation following lingering droughts in the country's southwestern regions.

The share price of the company declined 3.30 percent to 12.00 yuan in the morning session Thursday.

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