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Zhejiang Zheneng Electric Power Q3 profit falls YOY

Zhejiang Zheneng Electric Power Co. Ltd. said its normalized net income for the third quarter was 8 fen per share, a decline of 11.6% from 9 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 1.02 billion yuan, a decline of 14.8% from 1.20 billion yuan in the year-earlier period.

The normalized profit margin dropped to 6.8% from 11.1% in the year-earlier period.

Total revenue climbed 37.9% year over year to 14.95 billion yuan from 10.85 billion yuan, and total operating expenses increased 46.5% from the prior-year period to 13.31 billion yuan from 9.09 billion yuan.

Reported net income fell 19.7% year over year to 1.35 billion yuan, or 10 fen per share, from 1.68 billion yuan, or 12 fen per share.

As of Oct. 27, US$1 was equivalent to 6.65 yuan.