Huaneng Power International, Inc. Profit Attributable To Equity Holders Increased By 609.74% For The First Half Year Of 2018

Huaneng Power International, Inc.
2018-07-31 22:01 589

BEIJING, July 31, 2018 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared under IFRS for the six months ended June 30, 2018.

For the first half year of 2018, the Company and its subsidiaries recorded consolidated operating revenue of RMB 82.405 billion (equivalent to approximately USD 12.454 billion, based on the exchange rate of USD 1 to RMB 6.6166 as of June 30,  2018), representing an increase of 15.36% compared to the same period of last year. The net profit attributable to equity holders of the Company was RMB 1.731 billion (equivalent to approximately USD 0.262 billion), representing an increase of 609.74% compared to the same period of last year. The earnings per share was RMB 0.11 and earnings per ADS amounted to RMB 4.22 (equivalent to approximately USD 0.64). The main reason for the increase of the net profit is the rise of power generation and electricity tariff.

In the first half of 2018, the Company took the initiative to cope with the severe challenges arising from power, fuel and capital markets. While maintaining safe and clean production with stability, the Company strived to streamline and strengthen its structure, and improve its efficiency and performance. The Company continuously optimized the power structure, and strengthened the ability of securing fuel supply and cost control, in order to better accomplish the intended objectives and tasks.

Power Generation. In the first half of this year, the power plants of the Company in operation within China achieved a total power generation of 208.167 billion kWh on a consolidated basis, representing an increase of 11.51% from the same period of last year, as well as an aggregate sales volume of 196.387 billion kWh, representing an increase of 11.51% from the same period of last year, and with 2,051 utilization hours, representing an increase of 150 hours compared to the same period of the previous year. The aggregate power generation of Tuas Power Ltd., which is wholly owned by the Company, accounted for a market share of 20.8%, representing a decrease of 0.7 percentage point from the same period of last year.

Cost Control. During the first half of year 2018, the coal market has followed the trend from the fourth quarter of last year to continue to volatile at a high level. With a close watch on market development trends, the relevant State authorities adopted a series of measures to ensure the coal supply, and stabilized the market coal price. After thorough market research and analysis, the Company strengthened and deepened its cooperation with large coal enterprises, strictly implemented the medium and long term contracts for the thermal coal, and ensured the fulfillment. The Company also put in place strict measures to curb prices as well as to regulate bidding procurement of market coals, and to optimize imported coal so as to fully control the fuel costs.

Energy Conservation and Environmental Protection. The Company maintained its leading positions in certain economic and technical indicators for power sector, such as coal consumption for power supply and house consumption rate. All of its coal-fired power plants have obtained the sewage discharge permit. Emission of all kinds of pollutants has met the national and local environmental requirements.

Project Development and Construction. In the first half of 2018, the Company's power generation projects went well and a total capacity of 124.6 MW had been put into operation, including the projects in Huaneng Heilongjiang Shuangyu Photovoltaic with a total capacity of 46.6 MW, 30 MW PV units of the Huaneng Jiangsu Huaiyin Photovoltaic Power Plant, 10 MW PV units of the Huaneng Jiangsu Taicang Photovoltaic Ash Field Phase II, 8 MW PV units of Huaneng Hainan Chengmai Photovoltaic, 20 MW PV units of the Jilin ZhenLai Wind Farm, and 10 MW PV units of the Shanxi Yushe Photovoltaic. As of 30 June 2018, the Company had a controlled installed capacity of 104,425 MW, and an equity-based installed capacity of 91,894 MW, of which 15.58% was from clean energy sources (gas turbine, hydro, wind, photovoltaic and biomass power generation).

In the second half of this year, the Company will continue to put great efforts on innovative development, safe production, quality improvement and deepening reforms. By way of thorough research on and analysis of the market, the Company will take effective measures to prevent operational risks, strengthen the flourishing situation in both production and sales, continuously enhance its business performance, and strive to create more value for the country, society, and its shareholders.

~ End ~

Encl: The consolidated financial information of the Company and its subsidiaries prepared under IFRS for the six months ended June 30, 2018:

About Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 104,425 MW and equity-based generation capacity of 91,894MW. The power plants of the Company are located in 26 provinces, autonomous regions and municipalities in China. The Company also has a wholly-owned power company in Singapore.

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Source: Huaneng Power International, Inc.