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Huaneng Power International, Inc. Announces 2012 Interim Results

Stocks in this article: HNP









BEIJING, July 31, 2012 /PRNewswire-Asia/ -- Huaneng Power International, Inc. ("HPI", the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results for the six months ended June 30, 2012.

For the six months ended June 30, 2012, the Company and its subsidiaries recorded consolidated operating revenue of RMB 67.180 billion (equivalent to approximately USD 10.622 billion based on the USD-RMB exchange rate of USD 1 to RMB 6.3249 as of June 30, 2012), representing an increase of 4.88% compared to the same period last year. The profit attributable to equity holders of the Company was RMB 2.122 billion (equivalent to approximately USD 0.335 billion), representing an increase of 87.64% compared to the same period last year. The earnings per share were RMB 0.15 (equivalent to approximately USD 0.02) and earnings per ADS were RMB 6 (equivalent to approximately USD 0.95). The increase of Company's net profit was mainly attributable to the carry-over effect of the tariff adjustment last year and the Company's effective cost controls.

During the first half of 2012, the Company focused on improving economic efficiency, proactively responded to the changing business environment and made significant progress on power generation, cost control, energy conservation and environmental protection, project development and construction.

Power Generation. The power plants of the Company within China generated 150.173 billion KWh on consolidated basis for the first half of 2012, representing a decrease of 1.46% from the same period last year, and achieved an aggregate sales volume of 141.637 billion kWh, a decrease of 1.45% from the same period last year. The decrease of the Company's power generation was mainly attributable to the following factors: firstly, the power generation in the regions where the Company's power plants are located experienced negative or low growth during the first half of this year as a result of the distribution of installed capacity of the Company, while hydropower generation in certain provinces had seen significant growth, which sharply reduced the potential of power generation from local thermal power plants; secondly, the installed capacity of the Company grew at an average rate below the national average for the first half of this year; and thirdly, the Company had relatively higher base of power generation for the first six months last year (the Company's power generation in the first half of 2011 increased by 28.25% as compared to the same period of 2010, whilst the corresponding growth rate nationwide was 13.5%, thus the company's power generation growth rate in the first half of 2011 was 14.75 percentage points higher than the nationwide rate), which correspondingly affected the power generation growth rate of the Company in the first half of 2012.

For the first half of 2012, the aggregate power generation of Singapore Tuas Power Ltd. accounted for a market share of 26.65%, representing a decrease of 0.33 percentage point compared to the same period last year.

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