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Zhejiang Zheneng Electric Power Q2 profit climbs 40.0% YOY

Zhejiang Zheneng Electric Power Co. Ltd. said its normalized net income for the second quarter came to 14 fen per share, a gain of 30.2% from 11 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.78 billion yuan, an increase of 40.0% from 1.27 billion yuan in the year-earlier period.

The normalized profit margin increased to 18.6% from 12.6% in the year-earlier period.

Total revenue decreased year over year to 9.91 billion yuan from 10.08 billion yuan, and total operating expenses declined 10.9% year over year to 7.31 billion yuan from 8.20 billion yuan.

Reported net income rose 46.6% from the prior-year period to 2.64 billion yuan, or 20 fen per share, from 1.80 billion yuan, or 15 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.