In compliance with the requirements of the Securities Act Cap 354 of the Laws of Zambia and the Listings Rules of the Lusaka Stock Exchange, Copperbelt Energy Corporation PLC announces the audited results for the year ended 31st December 2009.

Financial highlights

• Turnover for the year to 31 December 2009 was 13% lower than the previous corresponding period due to reduced sales to some mining customers who were impacted by the low commodity prices
• Earnings increased by 18% compared to the previous financial year, due to a 176% increase in other income, and an 11% reduction in operating expenses compensating for reduced sales to the mines
• Value of property, plant and equipment increased by 88% to US$ 236.2m due to asset revaluation and capital expenditure during the year
• The feasibility study for the Kabompo Gorge Hydro project was completed and the project will be moving into the implementation stage
• CEC was accorded full membership of the Southern Africa Power Pool in November 2009.

The full report is available for download from our investor relations website, or through the link below:

» Audited results to 31st December 2009