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.