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Huaneng Power International profit misses consensus by 65.4% in Q2

Huaneng Power International Inc. said its normalized net income for the second quarter amounted to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 5 fen per share.

EPS declined 88.8% year over year from 15 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 263.0 million yuan, a decline of 88.9% from 2.36 billion yuan in the year-earlier period.

The normalized profit margin fell to 0.8% from 8.1% in the year-earlier period.

Total revenue climbed 15.9% on an annual basis to 33.86 billion yuan from 29.21 billion yuan, and total operating expenses rose 36.4% year over year to 31.39 billion yuan from 23.02 billion yuan.

Reported net income declined 95.1% year over year to 135.6 million yuan, or 1 fen per share, from 2.77 billion yuan, or 18 fen per share.

As of Aug. 1, US$1 was equivalent to 6.72 yuan.