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Zhejiang Zheneng Electric Power Q1 profit climbs 9.0% YOY

Zhejiang Zheneng Electric Power Co. Ltd. said its normalized net income for the first quarter amounted to 8 fen per share, a gain of 14.0% from 7 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 931.8 million yuan, an increase of 9.0% from 854.6 million yuan in the prior-year period.

The normalized profit margin increased to 9.7% from 9.2% in the year-earlier period.

Total revenue increased year over year to 9.64 billion yuan from 9.24 billion yuan, and total operating expenses totaled 7.94 billion yuan, compared with 7.90 billion yuan in the year-earlier period.

Reported net income rose 5.2% from the prior-year period to 1.27 billion yuan, or 11 fen per share, from 1.21 billion yuan, or 10 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.