China Hydroelectric Corporation's (NYSE:CHC) micro cap stock rose on Friday on news that the renewable energy generation company took in record earnings in the second quarter of 2012.
The firm, which owns, develops and operates a number of small hydroelectric power plants in China, reported revenue of $33.9 million, a 72 percent jump from the same period last year. EBITDA earnings jumped 82 percent on the year to $24.9 million, while GAAP net income for the second quarter hit $7.7 million.
"Management is very pleased with the Company's record consolidated net revenue, gross profit, operating income and EBITDA for the second quarter of 2012, as well on a year to date basis, with all of our power projects fully functioning in accordance with design," said CEO John Kuhns. "Our operating results were boosted by the above average precipitation experienced in Fujian and Zhejiang provinces."
Kuhns added that an improved bank lending market may be one of the many reasons the company performed so well last quarter.
As of 2:24 pm on August 17, 2012, the China Hydroelectric's stock was up 14.3 percent to $1.12.
