AES Chigen reports third quarter earnings.BEIJING--(BUSINESS WIRE)--Oct. 1, 1996--AES China Generating Co. Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHGNF) ("AES Chigen") announced Tuesday Tuesday: see week. net income of $1 million or 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the three months ended Aug. 31, 1996, compared to net income of $0.6 million or 3 cents per share for the third quarter last year. The result brings net income for the first nine months of 1996 to $1.9 million or 12 cents per share compared to $1.6 million or 9 cents per share for the same period of 1995. Revenues for the quarter were $4.1 million compared to $0.5 million reported last year and for the nine months of 1996 were $7.0 million, up from $0.9 million for the same period in 1995. Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Hanrahan, president and chief executive officer of AES Chigen, stated "We are very pleased with the results for both the three months and nine months ended Aug. 31, 1996. "Comparing the results to the same periods of last year, 1996 reflects many of the accomplishments of the company including the start of commercial operations of portions of the Yangchun Fuyang Fuyang can be one of the following two cities in China:
AES Chigen, an affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. , a U.S. corporation based in Arlington Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. , Va., develops, owns and operates power generation facilities in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. It currently has investments in seven projects in China representing net capacity of 691 megawatts. -0-
AES CHINA GENERATING CO. LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months
ended
Aug. 31, 1996 Aug. 31, 1995
-----------------------------
(unaudited)
REVENUES:
Electricity sales US$ 4,106 US$ 543
Construction delay fee (3) --
----------- ------------
4,103 543
OPERATING COSTS AND EXPENSES:
Costs of sales 1,870 187
Development, selling, general and
administrative expenses 1,824 2,256
----------- ------------
Total operating costs and expenses 3,694 2,443
----------- ------------
OPERATING INCOME / (LOSS) 409 (1,900)
OTHER INCOME / (EXPENSE):
Interest income 1,286 2,453
Interest expense (357) --
Equity in earnings of affiliates 189 61
----------- ------------
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 1,527 614
Income taxes 253 --
Minority interest 237 38
----------- ------------
NET INCOME US$ 1,037 US$ 576
----------- ------------
NET INCOME PER SHARE US$ 0.06 US$ 0.03
=========== ============
AES CHINA GENERATING CO. LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Nine months
ended
Aug. 31, 1996 Aug. 31, 1995
-----------------------------
(unaudited)
REVENUES:
Electricity sales US$ 6,553 US$ 916
Construction delay fee 400 --
----------- ------------
6,953 916
OPERATING COSTS AND EXPENSES:
Costs of sales 3,867 496
Development, selling, general and
administrative expenses 5,229 6,920
----------- ------------
Total operating costs and expenses 9,096 7,416
----------- ------------
OPERATING LOSS (2,143) (6,500)
OTHER INCOME / (EXPENSE):
Interest income 5,001 8,060
Interest expense (679) --
Equity in earnings of affiliates 441 102
----------- ------------
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 2,620 1,662
Income taxes 455 --
Minority interest 218 93
----------- ------------
NET INCOME US$ 1,947 US$ 1,569
----------- ------------
NET INCOME PER SHARE US$ 0.12 US$ 0.09
=========== ============
AES CHINA GENERATING CO. LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par values and share amounts)
As of As of
Aug. 31, 1996 Nov. 30, 1995
------------- -------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents US$ 92,043 US$ 125,684
Investments - held-to-maturity 6,657 41,609
Investments - available-for-sale 5,911 2,995
Accounts receivable from related
parties 4,179 463
Interest receivable 139 293
Inventory 956 31
Prepaid expenses and other current
assets 1,530 422
----------- ------------
Total current assets 111,415 171,497
Property, plant and equipment:
Electric generating facilities 59,303 6,468
Equipment, furniture and leasehold
improvements 2,260 1,233
Accumulated depreciation and
amortization (2,221) (665)
Construction in progress 74,442 39,555
----------- ------------
Total property, plant and
equipment, net 133,784 46,591
Other assets:
Project development costs 892 1,083
Investments in and advances to
affiliates 19,185 2,566
Note receivable 4,214 7,500
Deposits and other assets 812 634
----------- ------------
Total other assets 25,103 11,783
----------- ------------
TOTAL US$ 270,302 US$ 229,817
=========== ============
AES CHINA GENERATING CO. LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par values and share amounts)
As of As of
Aug. 31, 1996 Nov. 30, 1995
------------- -------------
(unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable - The AES
Corporation US$ 1,747 US$ 214
Accounts payable 1,817 537
Payable for repurchase of shares -- 10,011
Payable for investment purchase -- 2,995
Accrued liabilities 1,372 1,430
Accrued liabilities for construction 7,618 --
Loans from minority shareholders --
current portion 1,365 351
Notes payable 481 1,000
----------- ------------
Total current liabilities 14,400 16,538
Long-Term Liabilities:
Deferred income taxes 455 --
Loans from minority shareholders 33,982 6,666
----------- ------------
Total long-term liabilities 34,437 6,666
Minority Interest 33,345 19,082
Commitments and Contingencies -- --
Shareholders' Equity:
Class A Common Stock - par value $0.01
per share, (50,000,000 shares authorized;
1995 - 10,216,000 shares issued;
1996 - 8,134,100 shares issued and
outstanding after deducting retirement
of treasury stock) 81 102
Class B Common Stock - par value $0.01
per share, (50,000,000 shares authorized;
7,500,000 shares issued and outstanding) 75 75
Additional paid-in capital 183,980 201,762
Retained earnings 3,714 1,767
Cumulative translation adjustment 270 250
Treasury stock, at cost, (1,912,600 shares
at Nov. 30, 1995, of Class A Common Stock) -- (16,371)
----------- ------------
Total shareholders' equity 188,120 187,585
----------- ------------
TOTAL US$ 270,302 US$ 229,871
=========== ============
CONTACT: AES China Kenneth R. Woodcock woodcock: see snipe. woodcock Any of five species (family Scolopacidae) of plump, sharp-billed migratory birds of damp, dense woodlands in North America, Europe, and Asia. , 703/522-1315, U.S. or Jeffrey Safford Safford may refer to :
011-852-2530-1673 (Fax) or Paul Hanragan, 011-8610-6508-9619, Beijing Beijing (bā-jĭng) or Peking (pē-kĭng, pā–), city (1994 est. urban pop. 6,093,300; 1994 est. total pop. 7,240,700), capital of the People's Republic of China. It is in central Hebei prov. 011-8610-6508-9626 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion