(Shanghai Daily)
Updated: 2007-08-01 16:41

China Yangtze Power Co, operator of the world's biggest hydropower project, yesterday revised its first-half profit higher because of an accounting error.

Profit in the first six months rose to 2.26 billion yuan (US$299 million), or 0.2695 yuan a share, the company said in a statement to the Shanghai Stock Exchange yesterday. The Beijing-based company on Monday said first-half profit was 2.25 billion yuan, or 0.2684 yuan a share.

Yangtze Power's first-half earnings jumped 72 percent after the company sold shares in a bank and increased electricity output, the company said on Monday, according to Bloomberg News. It sold 400 million shares in China Construction Bank Corp in April for HK$1.6 billion (US$205 million).

The shares in Shanghai climbed as much as 6.6 percent to 17.99 yuan on resumption of trade after a one-day halt pending shareholder votes on changes to the company's articles and information disclosure system. They traded at 17.86 yuan at 11:04am.

The stock is the fourth-best performer among the 97 members of the Bloomberg World Electricity Index this year.

Power output, mostly from the Three Gorges Dam on the Yangtze, Asia's longest river, climbed 11 percent to 17.2 billion kilowatt-hours in the first six months, the utility said on July 10.