Huaneng Power International, Inc.: RMB 2.060 Billion Net Profit Attributable to Shareholders for the First Quarter of 2020 Decreased by 22.42%
BEIJING, April 21, 2020 /PRNewswire/ — Huaneng Power International, Inc. (“HPI”, or the “Company”) (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared in accordance with the PRC GAAP for the three months ended March 31, 2020.
For the first quarter of 2020, the Company and its subsidiaries recorded consolidated operating revenue of RMB 40.351 billion (equivalent to approximately USD 5.695 billion), representing a decrease of 11.61% compared to the same period of last year. The net profit attributable to shareholders of the Company was RMB 2.060 billion (equivalent to approximately USD 291 million), representing a decrease of 22.42% compared to the same period of last year. The earnings per share was RMB 0.11 and earnings per ADS amounted to RMB 4.45 (equivalent to approximately USD 0.629). The decrease of Company’s net profit was mainly due to the decrease of electricity sales year on year, which was a result of the factors mainly including COVID-19 pandemic, combining the gain from declined fuel prices could not fully offset the negative impact from decrease of electricity sales.
Encl: The unaudited summary financial information of the Company for the three months ended March 31, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People’s Republic of China (“PRC GAAP”), which differs from the International Financial Reporting Standards (“IFRS”) and the accounting principles generally accepted in the United States of America (“US GAAP”). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information.
About Huaneng Power International, Inc.
Huaneng Power International, Inc. is one of China’s largest listed power producers with controlled generation capacity of 107,049 MW and equity-based generation capacity of 93,821 MW. 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, and an invested power company in Pakistan.