China Resources' profit increases 78 pct in H1

China Resources Power Holdings Co, alleged to have deliberately overpaid for coal assets, posted a 78 percent increase in first-half profit as lower prices of the fuel helped reduce costs.

Net income rose to HK$5.33 billion ($687 million), or HK$1.12 a share, for the six months ended June 30 from HK$3 billion, or HK$0.63, a year ago, the company said on Monday in a statement to the Hong Kong stock exchange.

"Supply and demand in the coal market during the first half of 2013 was easing in general with supply greater than demand," the company said in the statement. "The easing of supply and demand and the decrease in spot coal prices enables us to further control fuel costs."