China Power Investment Corp. announces record profit

China Power Investment Corp., one of the country's five largest state-owned power producers, announced Thursday a record high profit of 5.33 billion yuan (846.03 million U.S. dollars) for 2012.

Revenues rose 13.76 percent from one year earlier to reach 179.4 billion yuan, Lu Qizhou, the company's general manager, said at an annual work meeting.

The company's hydropower sector made a profit of 3.98 billion yuan in 2012, almost double from the year previous. Its thermal power sector reported a profit of 3.57 billion yuan last year, compared with a loss of 3.64 billion yuan in 2011, according to Lu.

The company's nuclear power business and investments sector reported losses.

"The profit surge was largely attributable to lower fuel prices and higher electricity tariff," Lu said.

The company invested 520 million yuan in research and development last year, up 81 percent year on year, he added.