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Huaneng Power International profit misses consensus by 28.1% in Q3

Huaneng Power International Inc. said its normalized net income for the third quarter was 22 fen per share, compared with the S&P Capital IQ consensus estimate of 31 fen per share.

EPS increased 5.4% year over year from 21 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.21 billion yuan, an increase of 9.1% from 2.94 billion yuan in the year-earlier period.

The normalized profit margin climbed to 10.2% from 8.8% in the year-earlier period.

Total revenue declined year over year to 31.94 billion yuan from 33.50 billion yuan, and total operating expenses declined 9.2% from the prior-year period to 23.58 billion yuan from 25.97 billion yuan.

Reported net income rose 11.2% year over year to 4.18 billion yuan, or 29 fen per share, from 3.76 billion yuan, or 27 fen per share.

As of Oct. 20, US$1 was equivalent to 6.35 yuan.