Robust sales lift Huaneng Power net profit 24.8pc

PUBLISHED : Thursday, 16 April, 1998, 12:00am
UPDATED : Thursday, 16 April, 1998, 12:00am

Huaneng Power International (HPI), which obtained a dual listing in Hong Kong this year after its 1994 listing in New York, said last year's net profit rose 24.8 per cent to 1.66 billion yuan (about HK$1.54 billion).

Sales grew 40 per cent to 6.47 billion yuan from 4.83 billion yuan a year ago.

Earnings per share were 33 fen, while earnings per American depository share (ADS) were 13.3 yuan. One ADS represents 40 ordinary H shares.

The operating results take into account the second-half contribution of newly acquired Huaneng Shanghai Shidongkou Second Power Plant (Shanghai Power Plant) which it bought for 6.54 billion yuan from its parent.

HPI said it sold 19.85 tegawatt hours of electricity last year and generated 21.99 tWh - 29.8 per cent more than a year earlier.

Construction projects went smoothly last year, with two 300 megawatt generating units of Shantou Plant and another two 300 MW generating units of Shangan Power Plant (phase II) starting commercial run.

These units, coupled with the two 600 MW super-critical, coal-fired generating units of Shanghai Power Plant, the acquisition of which took effect from July 1, increased HPI's installed capacity to 5,300 MW by the end of the year.

HPI has power projects under construction in Dalian, Dandong, Fuzhou and Nantong.