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Zhejiang Zheneng Electric Power Q2 profit climbs YOY

Zhejiang Zheneng Electric Power Co. Ltd. said its normalized net income for the second quarter came to 14 fen per share, a decrease 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 1.87 billion yuan, an increase from 1.85 billion yuan in the year-earlier period.

The normalized profit margin rose to 19.7% from 18.6% in the year-earlier period.

Total revenue decreased year over year to 9.73 billion yuan from 9.91 billion yuan, and total operating expenses decreased 6.1% year over year to 6.86 billion yuan from 7.31 billion yuan.

Reported net income rose year over year to 2.69 billion yuan, or 20 fen per share, from 2.64 billion yuan, or 20 fen per share.

As of Aug. 15, US$1 was equivalent to 6.64 yuan.