Huaneng Power International Announces 2001 Interim ResultsAugust 13, 2001 by Jeff Shepard
Huaneng Power International Inc. (Beijing) announced its unaudited operating
results for the six months ended June 30, 2001. The consolidated net profit of the company and its subsidiaries for the
first half of 2001 was RMB1,558.3 million (equivalent to US$188.3 million),
representing an increase of 38.03 percent compared with the same period of last year. Earnings per share were RMB11.03 (equivalent to US$1.33) for each American Depositary Share.
The significant increase in profit is due to the inclusion of the operation of the former Shandong Huaneng Power Development Co. Ltd. as well as the company's effective cost-control measures. In addition, the amortization of negative goodwill and the
decrease in net financial expenses as a result of the acquisition of Shandong
Huaneng caused the increase in consolidated net profit to outpace that of power sold and net operating revenues.