Huaneng Power International Inc., a subsidiary of China Huaneng Group, raked in 9.13 billion yuan ($1.34 billion) of net profit attributable to shareholders in first three quarters, surging 69.3% on the year, according to the company's quarterly report released on October 28.
Earnings per share came in at 0.5 yuan. The company's operating revenue was 121.8 billion yuan during the period, down 4.3% year on year.
The report showed that domestic operating revenue contracted 3.42 billion yuan, owing to declines in electricity sales and average on-grid power prices.
Its operating revenue of Singapore business decreased 1.58 billion yuan, and that of Pakistan decreased 489 million yuan.
The operating cost also dropped 9% on the year, due to falling fuel prices. Domestic operating cost slumped 7.07 billion yuan from a year ago. Singapore operation's operating cost fell 1.76 billion yuan and Pakistan's was down 399 million yuan.
The company produced a total of 293.54 TWh of power in the first three quarters, down 2.86% year on year.
Its electricity sales totaled 275.91 TWh, falling 4.19% on the year, with on-grid power price down 1.24% to 412.52 yuan/MWh.
Huaneng also summarized major reasons for power usage reduction, including lower power consumption due to COVID-19 pandemic and operation of massive renewable energy generators.
(Writing by Rebecca Liu Editing by Tammy Yang)
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