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Huaneng's quarterly profit climbs on higher operating revenue

Huaneng Power International Inc. said its first-quarter net profit climbed by 86.96% to 1.22 billion yuan from the prior-year period's 652 million yuan, supported by higher operating revenue.

The Chinese electric power company's EPS for the quarter also increased to 8 fen from 4 fen reported in the same quarter last year.

Operating revenue for the first quarter rose to 43.26 billion yuan, up by 15.11% from 37.58 billion yuan posted in the same period last year.

In addition, the company's operating profit increased to 2.33 billion yuan, rising from 1.45 billion yuan a year ago.

Operating costs increased to 37.42 billion yuan from the prior-year quarter's 32.95 billion yuan.

The company's financial expenses came in at 2.45 billion yuan, rising from 2.18 billion yuan reported in the same period last year.

General and administrative expenses rose to 899.2 million yuan from prior-year's 884.6 million yuan.

Income tax expense climbed to 612.7 million yuan, up from 493 million yuan reported in the same quarter last year.

As of April 25, US$1 was equivalent to 6.33 Chinese yuan.