Huaneng Power International, Inc. Announces Results for the First Three Quarters of 2009
20 Oct 2009
PR Newswire Asia
Net Profit Increases by 261.37% Year-on-year to RMB4.131 billion
BEIJING, Oct. 20 /PRNewswire-Asia/ -- Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the nine months ended September 30, 2009.
Under the PRC Accounting Standards, for the first three quarters of 2009, the Company realized consolidated operating revenues of RMB56.678 billion, representing an increase of 6.46% over the same period last year. Net profit attributable to equity holders of the Company amounted to RMB4.131 billion, representing an increase of 261.37% over the same period last year, mainly due to an increase in operating revenues attributed by the operation of new generating units and the carryover effect of tariff adjustments during the second half of 2008, combined with a decrease in fuel costs resulted from a decrease in spot coal prices.
In the first three quarters of 2009, the Company made certain progress in both acquisitions and developments. The transfer agreements according to which the Company agreed to purchase 55% equity interest in Tianjin Huaneng Yangliuqing Co-generation Limited Liability Company and 41% equity interest in Huaneng Beijing Co-generation Limited Liability Company from China Huaneng Group and Huaneng International Power Development Corporation, respectively, were approved by the State-owned Assets Supervision and Administration Commission of the State Council ("SASAC") on September 11, 2009. Pursuant to the relevant transfer agreements, the Company has fully paid the considerations at a total amount of RMB2.348 billion. As a result, the controlling generation capacity and the equity-based generation capacity of the Company increased by 2,045MW and 1,006MW, respectively. The transaction relating to the Company's acquisition of 65% equity interest in Huaneng Qidong Wind Power Generation Co. Ltd. from Huaneng New Energy Industrial Holding Limited Company was approved by the SASAC, and the Company has paid the consideration of RMB103 million to Huaneng New Energy Industrial Holding Limited Company on September 17, 2009. The Company's controlling generation capacity and equity-based generation capacity were then increased by 92MW and 60MW, respectively. The 1,000MW ultra-supercritical coal-fired generating unit (Unit No.1) at Haimen Power Plant Phase 1, which is wholly-owned by the Company, has commenced commercial operation at the end of July 2009 and its actual generation capacity in operation has reached 1,036MW.
In addition, the No.4 generating unit (110MW) at Jining Power Plant ceased operation on and from June 30, 2009 and the No.2 generating unit (220MW) at Huaiyin Power Plant ceased operation on and from January 1, 2009.
Huaneng Power International, Inc. wholly-owns 18 operating power plants, and has controlling interests in 16 operating power plants and minority interests in 5 operating power companies within China. Such power plants are located in 12 provinces and 4 provincial-level municipalities in China. The Company also has a wholly-owned generation company in Singapore. Currently, the Company is one of China's largest listed power producers with controlled generation capacity of 43,782MW and equity-based generation capacity of 40,975 MW.
Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2009. 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 "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 Generally Accepted Accounting Principles in the United States ("US GAAP"). No reconciliation with IFRS and US GAAP has been made in the presentation of the summary financial information.
For financial statements, please visit: http://www.prnasia.com/sa/attachment/2009/10/20091020134805.pdf
For enquiries, please contact:
Ms. Meng Jing / Ms. Zhao Lin Huaneng Power International, Inc. Tel: +86-10-6649-1856 / 1866 Fax: +86-10-6649-1860 Email: zqb@hpi.com.cn
Ms. Christy Lai / Ms. Janet Lai Rikes Hill & Knowlton Limited Tel: +852-2520-2201 Fax: +852-2520-2241
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