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Huaneng Power International profit misses consensus by 78.3% in Q1

Huaneng Power International Inc. said its first-quarter normalized net income came to 3 fen per share, compared with the S&P Capital IQ consensus estimate of 15 fen per share.

EPS fell 87.1% year over year from 25 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 531.0 million yuan, a decrease of 86.1% from 3.83 billion yuan in the prior-year period.

The normalized profit margin fell to 1.4% from 11.0% in the year-earlier period.

Total revenue grew 7.5% on an annual basis to 37.58 billion yuan from 34.94 billion yuan, and total operating expenses rose 35.1% year over year to 34.15 billion yuan from 25.27 billion yuan.

Reported net income fell 87.0% year over year to 652.0 million yuan, or 4 fen per share, from 5.00 billion yuan, or 33 fen per share.

As of April 25, US$1 was equivalent to 6.89 yuan.