HUANENG POWER INTERNATIONAL, INC. RMB956 MILLION NET LOSS ATTRIBUTABLE TO EQUITY HOLDERS FOR THE FIRST QUARTER OF 2022 DECREASED BY 129.96%

Rhea-AI Summary

Huaneng Power International reported a consolidated operating revenue of RMB65.25 billion (approx. $10.279 billion) for Q1 2022, marking a 30.54% increase year-over-year. However, the net loss attributable to equity holders reached RMB956 million (approx. $151 million), a 129.96% increase in loss compared to the previous year. The company attributed these losses primarily to rising coal prices impacting domestic power profits.

Positive

• Operating revenue increased by 30.54% year-over-year to RMB65.25 billion.

Negative

• Net loss attributable to equity holders was RMB956 million, a 129.96% increase in loss.
• Loss per share was RMB0.09, and loss per ADS was RMB3.78.

BEIJING, April 26, 2022 /PRNewswire/ -- Huaneng Power International, Inc. ("the Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared in accordance with the PRC GAAP for the three months ended March 31, 2022.

The results can be found here: https://mma.prnewswire.com/media/1805035/2022_Q1_SEC.pdf

For the first quarter of 2022, the Company and its subsidiaries recorded consolidated operating revenue of RMB65.25 billion (equivalent to approximately US $10.279 billion), representing an increase of 30.54% compared to the same period of last year. The net loss attributable to equity holders of the Company was RMB956 million (equivalent to approximately US $151 million), representing a decrease of 129.96% compared to the same period of last year. The loss per share was RMB0.09 and the loss per ADS amounted to RMB3.78 (equivalent to approximately US $0.595). The main reason for the loss of the Company was that the increase in coal prices negatively affected the profit of domestic power business.

~End~

Encl: The unaudited summary financial information of the Company for the three months ended March 31, 2022. 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 121,118 MW and equity-based generation capacity of 108,588 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 Limited
Ms. Ketrina Yang / Ms. Hester Li
Tel: (852) 3970 2171 / (852) 3970 2239
Fax: (852) 3102 0210
Email: hpi@wsfg.hk

View original content:https://www.prnewswire.com/news-releases/huaneng-power-international-inc-rmb956-million-net-loss-attributable-to-equity-holders-for-the-first-quarter-of-2022-decreased-by-129-96-301533379.html

SOURCE Huaneng Power International, Inc.

FAQ

What were Huaneng Power International's revenue and loss for Q1 2022?

Huaneng Power International reported revenue of RMB65.25 billion and a net loss of RMB956 million for Q1 2022.

How much did revenue increase for Huaneng Power International compared to last year?

Revenue increased by 30.54% compared to the same period last year.

What caused the net loss for Huaneng Power International in Q1 2022?

The net loss was primarily caused by rising coal prices affecting domestic power profits.

What was the loss per share for Huaneng Power International in Q1 2022?

The loss per share was RMB0.09, and the loss per ADS was RMB3.78.