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Zhejiang Zheneng Electric Power Q2 profit falls YOY

Zhejiang Zheneng Electric Power Co. Ltd. said its normalized net income for the second quarter came to 7 fen per share, a decrease of 50.1% from 14 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 931.5 million yuan, a decline of 51.4% from 1.92 billion yuan in the year-earlier period.

The normalized profit margin declined to 8.0% from 19.7% in the year-earlier period.

Total revenue climbed 19.9% on an annual basis to 11.66 billion yuan from 9.73 billion yuan, and total operating expenses increased 56.4% from the prior-year period to 10.73 billion yuan from 6.86 billion yuan.

Reported net income decreased 46.2% from the prior-year period to 1.45 billion yuan, or 11 fen per share, from 2.69 billion yuan, or 20 fen per share.

As of Aug. 18, US$1 was equivalent to 6.68 yuan.