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Huaneng Power Int'l expects 50% profit jump for Q1

Apr. 20, 2012 (China Knowledge) - Huaneng Power International Inc<600011><0902>, China's largest listed power company, expects its net profit attributable to shareholders to surge over 50% from a year earlier in the first quarter of 2012.

In a statement, the Shanghai and Hong Kong-listed firm said the estimated profit growth was principally boosted by increased domestic on-grid prices and increase in earnings from its Singapore business.

Net profit for the first quarter of last year stood at RMB 226 million, sources reported.

Electricity output of the company amounted to 76.17 million gigawatt hours in the three months ended Mar. 31, 2012, up 0.97% from a year earlier, while the firm's power sales in the period climbed 0.96% year on year to 71.82 million GWh.

Huaneng Power International has also completed issuing RMB 5 billion 365-day bills, this year's first short-term bill, with a coupon rate of 4.41%, to replenish working capital and repay bank loans.

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