Huaneng Power Sees Threefold Increase In 2012 Profit

Huaneng Power Int'l FY12 Profit Soars - Quick Facts

Trade HNP now with

1/27/2013 7:17 AM ET

Independent power producer Huaneng Power International, Inc. (HNP: Quote) Sunday said, based on preliminary estimates, it expects net profit attributable to its shareholders in full-year 2012 on China Accounting Standards, to increase by more than 340 percent from last year.

According to the Beijing, China-based company, the estimated profit increase was mainly due to carry-over effect of tariff adjustments in 2011, decrease of coal price in 2012, as well as its effective cost controls.

Huaneng stated that the relevant financial data is still under audit process, as its power plants are widely situated in many provinces and cities across the country and the company owns assets within and outside the country.

In last July end, Huaneng had reported an 87.64 percent increase in first-half profit attributable to equity holders. Consolidated operating revenue was RMB 67.180 billion, representing an increase of 4.88 percent compared to the same period last year.

Click here to receive FREE breaking news email alerts for Huaneng Power International and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

<<Previous 55 Articles

Editors Pick

Fed Concerns Contribute To Lackluster Session On Wall Street - U.S. Commentary

There was a mixed performance on Wall Street on Friday. Shares suffered an early decline, as investors continued to express worries about the Federal Reserve. A recovery through the rest of the day allowed the Dow to edge into positive territory by the close. The Nasdaq and S&P 500 posted fractional losses.

Stocks Come Under Pressure Amid Worries About The Fed - U.S. Commentary

Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session. The major averages are currently posting notable losses, near their lows for the young session.

U.S. Durable Goods Orders Rise 3.3% In April, More Than Expected

After reporting a sharp drop in new orders for manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than anticipated in the month of April. The report said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March.