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Zhejiang Zheneng Electric Power Q3 profit climbs 34.7% YOY

Zhejiang Zheneng Electric Power Co. Ltd. said its third-quarter normalized net income was 8 fen per share, an increase of 6.1% from 8 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.19 billion yuan, a gain of 34.7% from 885.4 million yuan in the prior-year period.

The normalized profit margin increased to 13.5% from 8.0% in the year-earlier period.

Total revenue decreased 17.2% on an annual basis to 9.14 billion yuan from 11.04 billion yuan, and total operating expenses declined 24.4% from the prior-year period to 7.08 billion yuan from 9.37 billion yuan.

Reported net income grew 38.6% on an annual basis to 1.72 billion yuan, or 12 fen per share, from 1.24 billion yuan, or 11 fen per share.

As of Oct. 28, US$1 was equivalent to 6.36 yuan.