It is reported that Huaneng Power International third quarter net profit dropped 79.32%YoY to CNY 232 million despite a 28.32% increase in revenue to CNY 35.8 billion. Earnings per share hit CNY 0.02.

For the first three quarters, net profit fell 55.18%YoY to CNY 1.41 billion while revenue rose 29.95% to CNY 99.8 billion.

The company attributes the net profit drop to the higher cost of fuel, expansion in the scale of its operations, higher operating cost as a result of increased power generation volume, as well as the higher interest cost of its yuan-denominated loans.

Huaneng Power had filed on October 13 that power generation volume during the first three quarters rose 23.85%YoY to 236.43 tWh while power distribution volume increased 24.02%YoY to 227.08 tWh.

(Sourced from China Business News)