Huaneng Power International, Inc. RMB 0.783 Billion Net Profit Attributable to Shareholders for the Three Quarters of 2021 Decreased by 91.42%

Rhea-AI Summary

Huaneng Power International, Inc. (HNP) reported its unaudited operating results for the nine months ending September 30, 2021. The company registered consolidated operating revenue of RMB 145.005 billion (approximately USD 22.359 billion), up 19% year-over-year. However, net profit attributable to shareholders plummeted 91.42% to RMB 0.783 billion (around USD 0.121 billion), primarily due to rising coal prices impacting operating profit from domestic electricity and heating supply. Earnings per share stood at RMB -0.05.

Positive

• Consolidated operating revenue rose by 19% year-over-year to RMB 145.005 billion.
• Company's generation capacity stands at 115,014 MW, supporting revenue growth.

Negative

• Net profit attributable to shareholders decreased by 91.42% to RMB 0.783 billion.
• Earnings per share reported at RMB -0.05, indicating financial distress.

BEIJING, Oct. 26, 2021 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared in accordance with the PRC GAAP for the nine months ended September 30, 2021.

For the three quarters of 2021, the Company and its subsidiaries recorded consolidated operating revenue of RMB 145.005 billion (equivalent to approximately USD 22.359 billion), representing an increase of 19.00% compared to the same period of last year. The net profit attributable to shareholders of the Company was RMB 0.783 billion (equivalent to approximately USD 0.121 billion), representing a decrease of 91.42% compared to the same period of last year. The earnings per share was RMB -0.05 and earnings per ADS amounted to RMB -2.08 (equivalent to approximately USD -0.321). The decrease of Company's net profit was mainly due to decreasing operating profit in domestic electricity sold and heating supply resulted from rising coal prices.

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NOTE: Detailed financial statements and information are available through this link:
https://mma.prnewswire.com/media/1670374/2021_Q3_SEC.pdf

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2021. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People's Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS") and the accounting principles generally accepted in the United States of America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information. 

About Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 115,014 MW and equity-based generation capacity of 101,388 MW. The power plants of the Company are located in 26 provinces, autonomous regions and municipalities in China. The Company also has a wholly-owned power company in Singapore, and an invested power company in Pakistan.

For enquiries, please contact:

Huaneng Power International, Inc.                   
Mr. CHEN Zhelu / Ms. LIU Tianyu                             
Tel:  (8610) 6322 6554/6322 6595
Fax: (8610) 6322 6888        
Email: zqb@hpi.com.cn

Wonderful Sky Financial Group Holdings Limited
Ms. Ketrina Yang / Ms. Layla Zheng
Tel: (852) 3970 2286
Fax: (852) 3102 0210
Email: hpi@wsfg.hk

View original content:https://www.prnewswire.com/news-releases/huaneng-power-international-inc-rmb-0-783-billion-net-profit-attributable-to-shareholders-for-the-three-quarters-of-2021-decreased-by-91-42-301408768.html

SOURCE Huaneng Power International, Inc.

FAQ

What is Huaneng Power International's revenue for the nine months ended September 30, 2021?

Huaneng Power International reported consolidated operating revenue of RMB 145.005 billion (approximately USD 22.359 billion) for the nine months ended September 30, 2021.

How much did the net profit decrease for Huaneng Power International in Q3 2021?

The net profit attributable to shareholders decreased by 91.42% to RMB 0.783 billion for the three quarters ended September 30, 2021.

What caused the decline in Huaneng Power International's net profit?

The decline in net profit was mainly due to rising coal prices affecting operating profit from electricity sales and heating supply.

What were Huaneng Power International's earnings per share for the past quarter?

Earnings per share for Huaneng Power International were reported at RMB -0.05 for the nine months ended September 30, 2021.

When did Huaneng Power International release its financial results?

Huaneng Power International announced its financial results on October 26, 2021.