Yangtze Power, which oversees China's Three Gorges Dam project, more than tripled net profit in 2003, exceeding expectations a tad as it ran full-tilt to slake a nation-wide thirst for electricity.
Yangtze Power, which spearheads the world's largest hydropower undertaking, posted earnings of 1.44 billion yuan ($174 million) versus 442.62 million yuan in 2002.
Yangtze Power announced last month an unaudited net profit of 1.42 billion yuan for 2003 after preliminary figures were leaked to local press.
Quarterly figures were not available as the company only listed late last year and is not obliged to disclose earnings before that.
Turnover jumped 118 percent to 2.99 billion yuan in 2003, fuelled by four new generators bought with proceeds from a mega-IPO.
Beijing aims to build 40,000 MW of generating capacity this year - enough to power roughly 40 million US households for 12 months - hoping to alleviate a crippling shortage of power that triggered blackouts across half China's provinces in 2003.
Yangtze Electric listed yuan-denominated A shares in Shanghai in November - a $1.2 billion initial public offering that ranked as the fourth largest to hit mainland bourses.
The shares, open to Chinese and a small group of foreign investors, have jumped 44 percent from their close on November 18, its first day of trade, outperforming a 31 percent rise in the market. They closed at 8.90 yuan on Tuesday.
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