China GD Power Development profits down 5.7%

China GD Power Development Co., Ltd. (GDPD), a major power generator, said on Saturday that its first-half net profits fell 5.7 percent to under 3 billion yuan (480 million U.S. dollars).
Revenue fell 2.2 percent year on year to 31.1 billion yuan, according to a company business report filed with the Shanghai Stock Exchange.
The company blamed the falling profits on corporate income tax.
Thermal power generation profits rose 19.3 year on year, in contrast to a 20.3 percent drop for hydropower generation.
In the first half of 2014, GDPD and subsidiaries produced 87.9 billion kilowatt hours of electricity, up 3.8 percent year on year.