China Knowledge reported that Huaneng Power International Inc China largest public traded power company net profit fell 79.32%YoY to CNY 232 million in the third quarter.

The company operating revenue was CNY 35.8 billion in the three months ended September 30 up by 28% from CNY 27.9 billion in the same period of last year. In the first three quarters, the company net profit dropped 55%YoY to CNY 1.41 billion and basic earnings per share were CNY 0.1.

The power producer attributed the sharp decline in net profit to rising fuel cost and more interest expenditure. Operating revenue amounted to CNY 99.8 billion up 30% from CNY 76.8 billion in the corresponding period of last year.

The company said earlier this month that its electricity output grew 23.85%YoY to 236.43 terawatt hours in the first nine months and its power sales rose 24.02% to 227.08 TWhs.

(Sourced from China Knowledge)