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Huaneng Power International Q1 profit climbs 11.8% YOY

Huaneng Power International Inc. said its first-quarter normalized net income came to 25 fen per share, compared with the S&P Capital IQ consensus estimate of 23 fen per share.

EPS climbed 7.7% year over year from 24 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.66 billion yuan, a gain of 11.8% from 3.28 billion yuan in the prior-year period.

The normalized profit margin climbed to 11.6% from 9.0% in the year-earlier period.

Total revenue decreased 6.4% on an annual basis to 34.28 billion yuan from 36.63 billion yuan, and total operating expenses declined 12.6% from the prior-year period to 24.94 billion yuan from 28.54 billion yuan.

Reported net income grew 21.0% year over year to 5.03 billion yuan, or 35 fen per share, from 4.16 billion yuan, or 30 fen per share.

As of April 21, US$1 was equivalent to 6.20 yuan.