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.
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by RTT Staff Writer
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