It is reported that Guangdong Electric Power Development posted a 26.22%YoY fall in net profit in the first half of 2011 to CNY 318 million despite a 3.52% increase in revenue to CNY 6.471 billion with earnings per share of CNY 0.11.

The firm’s net profit drop was blamed on higher fuel costs and financial expenses.

Guangdong Power plans to issue 988 million shares to its share controller, Guangdong Electric Power Group in order to acquire seven electric power companies under Guangdong Electric Power Group with transaction value of CNY 6.039 billion.

Guangdong Power aforementioned private placement plan has been approved by China Securities Regulatory Committee.