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Huaneng Power posts 306.33% surge in net profit for Q1

Apr. 25, 2012 (China Knowledge) - Huaneng Power International Inc<600011><0902>, China's largest listed power company, announced yesterday that its net profit soared 306.33% year on year to RMB 919 million in the first quarter of this year, after suffering a loss in the fourth quarter.

The power producer said in a statement that the strong growth in net profit was due to an increase in domestic on-grid power prices and higher earnings from its Singapore power business.

The company's revenue rose 13% year on year or 1.93% quarter on quarter to RMB 34.26 billion during the period.

Gross profit margin rose 4.14 percentage points to 13.06% in the first quarter.

The company earlier reported a net profit of RMB 1.27 billion for 2011, 64.2% less than in 2010. Operating revenue jumped 27.9% year on year to RMB 133.42 billion last year.

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