BEIJING, Aug. 19, 2020 /PRNewswire/ — Huaneng Power International, Inc. (“HPI”, or the “Company”) (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared under IFRS for the six months ended 30 June 2020.
For the six months ended 30 June 2020, the Company and its subsidiaries recorded consolidated operating revenue of RMB79.127 billion (equivalent to approximately USD 11.177 billion, based on the exchange rate of USD 1 to RMB 7.0795 as of 30 June 2020), representing a decrease of 5.35% compared to the same period of last year. The net profit attributable to equity holders of the Company was RMB5.441 billion (equivalent to approximately USD 769 million), representing an increase of 58.10% compared to the same period of last year. The earnings per share was RMB0.30 and earnings per ADS amounted to RMB 12.00 (equivalent to approximately USD 1.695). The main reason for the YoY increase of the net profit is the decrease of fuel costs.
In the first half of the year, the Company firmly focused on the production and operation, reform and development as well as the annual work plan, made every effort to cope with the outbreak of COVID-19 epidemic, actively promoted the resumption of work and production, seized the market opportunities, implemented each project, thus achieved the major production and operating performance targets, laying a solid foundation for the comprehensive and high-quality completion of the goals and tasks of the year.
Power Generation. In the first half of the year, the Company’s total power generation by the power plants within China on consolidated basis amounted to 179.650 billion kWh, representing a decrease of 8.05% over the same period last year. Total electricity sold by the Company amounted to 172.125 billion kWh, representing a decrease of 6.98% over the same period last year. The utilization hours reached 1,718 hours, representing a decrease of 182 hours over the same period last year.
Cost Control. In the first half of the year, due to COVID-19 outbreak, safety inspection, shortage of hydro-power generation and other factors, the price pivot has generally moved downward despite the significant fluctuation in the coal prices. In the first half of the year, the CCI5500 index which reflected the price level of thermal coal at ports around the Bohai Rim region averaged at RMB540/tonne, representing a decrease of RMB70/tonne compared to the same period last year. The Company scientifically researched and judged the market trend, flexibly adjusted its procurement strategy and played a supplementary supply role for imported coal, resulting in an overall stable coal supply and a significant decrease in the unit price of standard coal purchase compared to the same period last year. The unit fuel cost of the Company’s domestic power plants throughout the year incurred for sales of power was RMB206.51/MWh, representing a decrease of
7.73% compared to the same period last year.
Energy Conservation and Environmental Protection. In the first half of the year, the Company made steady progress in implementing the three-year action plan for safety production special rectification, wastewater treatment in key areas and closure of coal plants, which resulted in the continuous improvement of the safety, economic and environmental protection operation of power generation units and continuing to maintain the Company’s leading position in the industry in terms of pollutant emission concentration and energy-consumption index. The average emissions of sulfur dioxide, nitrogen oxides and soot from thermal generating units were all superior to the ultra-low emission standard.
Project Development and Construction. In the first half of the year, the Company proceeded smoothly in the construction of power generation projects. The capacity of the commissioned units was 1,438.42 MW, including gas turbine generation units with a capacity of 472.52 MW, wind generation units with a capacity of 480 MW and photovoltaic generation units with a capacity of 485.9 MW. In the meantime, some of the power plants invested or controlled by the Company underwent changes in capacity. As of 30 June 2020, the Company had a controlled generation capacity of 108,111 MW and an equity-based generation capacity of 94,878 MW. The proportion of the installed capacity of clean energy sources (gas turbine, hydro, wind, photovoltaic and biomass power generation) reached 18.16%.
Singapore Business. In the first half of the year, the accumulated power generation of Tuas Power Ltd. (“Tuas Power”), a wholly-owned subsidiary of the Company in Singapore, accounted for a market share of 21.5%, representing an increase of 1.0 percentage point compared to the same period last year. The sales revenue was RMB5.633 billion, representing a decrease of 11.84% compared with RMB6.39 billion of the same period last year. The net profit attributable to the equity holders of the Company from its operations in Singapore was RMB25 million.
Pakistan Business. The Sahiwal 2×660MW coal-fired power plant project in Pakistan is one of the projects which was given priority for implementation under the framework of the China-Pakistan Economic Corridor Energy Project Implementation Agreement. It is the first large-scale coal-fired power plant put into operation in the China-Pakistan Economic Corridor. It greatly eased the power shortage in Pakistan. In the first half of the year, the Pakistan project recorded profit before tax of RMB347 million.
In the second half of the year, the Company will hold on to the safety bottom line, focus on improving quality and efficiency, strive to achieve the annual goal of “resolving stagnant enterprises and enterprises with difficulties”, do its best to push forward transformation development, go all out to achieve the annual operating tasks so as to continue to bring long-term, stable and increasing returns to the shareholders of the Company.
~End~
About Huaneng Power International, Inc.
Huaneng Power International, Inc. is one of China’s largest listed power producers with controlled generation capacity of 108,111 MW and equity based generation capacity of 94,878 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.
View original content:https://www.prnewswire.com/news-releases/huaneng-power-international-inc-net-profit-attributable-to-equity-holders-for-the-first-half-year-of-2020-increased-by-58-10-301114207.html
Source: Huaneng Power International, Inc.