Huaneng Power International, Inc.: RMB 9.133 Billion Net Profit Attributable to Shareholders for the Three Quarters of 2020 Increased by 69.34%

Rhea-AI Summary

Huaneng Power International, Inc. (HNP) reported its unaudited operating results for the three quarters ended September 30, 2020. The company achieved consolidated operating revenue of RMB 121.823 billion (approx. USD 17.889 billion), down 4.31% year-over-year. However, net profit attributable to shareholders surged 69.34% to RMB 9.133 billion (approx. USD 1.341 billion), leading to earnings per share of RMB 0.50. The profit increase was largely due to lower fuel prices. The financial information is prepared under PRC GAAP, with no reconciliation to IFRS or US GAAP provided.

Positive

• Net profit increased by 69.34% to RMB 9.133 billion due to lower fuel prices.
• Earnings per share reached RMB 0.50.

Negative

• Consolidated operating revenue decreased by 4.31% year-over-year.

BEIJING, Oct. 27, 2020 /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, 2020.

For the three quarters of 2020, the Company and its subsidiaries recorded consolidated operating revenue of RMB 121.823 billion (equivalent to approximately USD 17.889 billion), representing a decrease of 4.31% compared to the same period of last year. The net profit attributable to shareholders of the Company was RMB 9.133 billion (equivalent to approximately USD 1.341 billion), representing an increase of 69.34% compared to the same period of last year. The earnings per share was RMB 0.50 and earnings per ADS amounted to RMB 20.13 (equivalent to approximately USD 2.957). The increase of Company's net profit was mainly due to the decrease of fuel prices.

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. 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. 

~End~

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. 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 111,971 MW and equity-based generation capacity of 98,217 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.

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SOURCE Huaneng Power International, Inc.

FAQ

What were Huaneng Power International's financial results for 2020?

Huaneng Power International reported a net profit of RMB 9.133 billion for the three quarters ending September 30, 2020.

What was the change in revenue for Huaneng Power International compared to last year?

The consolidated operating revenue for Huaneng Power International fell by 4.31% year-over-year.

What factors contributed to Huaneng Power International's profit increase?

The profit increase of 69.34% was primarily due to a decrease in fuel prices.

What is the earnings per share for Huaneng Power International for the reported period?

Earnings per share for Huaneng Power International was RMB 0.50.