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Huaneng Power International profit misses consensus by 26.1% in Q2

Huaneng Power International Inc. said its second-quarter normalized net income came to 23 fen per share, compared with the S&P Capital IQ consensus estimate of 31 fen per share.

EPS increased 7.0% year over year from 21 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.31 billion yuan, an increase of 8.6% from 3.05 billion yuan in the prior-year period.

The normalized profit margin climbed to 9.7% from 8.6% in the year-earlier period.

Total revenue fell 12.7% year over year to 31.03 billion yuan from 35.55 billion yuan, and total operating expenses declined 16.0% from the prior-year period to 22.87 billion yuan from 27.23 billion yuan.

Reported net income rose 17.6% on an annual basis to 4.02 billion yuan, or 28 fen per share, from 3.42 billion yuan, or 24 fen per share.

As of Aug. 25, US$1 was equivalent to 6.42 yuan.