Interfax-China reported that Huaneng Power International Inc and Huadian Power International Corp the listed arms of two of China five largest power generators each reported net profits for the H1 of this year on August 12th.
Huaneng Power reported a net profit of CNY 1.95 billion in the H1 recovering from a net loss of CNY 470 million over the same period in 2008.
The company attributed the turnaround to both higher power tariffs and lower fuel costs. Huaneng Power sold its electricity at an average price of CNY 0.4159 per kilowatt hour in the Q1 representing an increase of 10.62% or CNY 0.004943 per kWh over the same period in 2008. Meanwhile, its coal costs fell by 2.63%YoY.
Huaneng Power produced 86.10 billion kWh of electricity in the H1 of this year falling by 5.84%YoY and yet its main business revenue increased by 9.16%YoY to CNY 33.61 billion. Meanwhile, HPI reported a net profit of CNY 546 million in the H1 of this year. The company lost CNY 490 million in the same period of 2008.
It generated 50.06 billion kWh of electricity over the period, increasing by 5.11% on an annual basis. It main business revenue grew by 11.13%YoY to CNY 17.288 billion over January to June.
