Huaneng Power International Class H ( (HUNGF) ) has released its Q3 earnings. Here is a breakdown of the information Huaneng Power International Class H presented to its investors.
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Huaneng Power International, Inc. is a prominent player in the electricity generation sector, primarily engaged in the development, construction, and operation of large-scale power plants across China and internationally, with a focus on coal-fired, wind, and solar power.
In its third-quarter report for 2024, Huaneng Power International, Inc. disclosed modest growth in operating revenue, achieving RMB 65.59 billion, a slight increase of 0.46% from the same period last year. However, the net profit attributable to equity holders saw a significant decline of 52.69% for the quarter, driven by increased non-controlling interests and equity-type REITs holders.
Key financial metrics indicated a mixed performance, with operating revenue for the first nine months of 2024 totaling RMB 184.40 billion, marking a 3.62% decrease compared to the previous year. This decline was primarily attributed to lower domestic tariffs. Despite this, the company demonstrated resilience in its operating cash flow, which increased by 27.73% to RMB 42.99 billion, reflecting effective cost management and increased electricity consumption. Furthermore, reductions in coal prices contributed to a 7.12% decrease in operating costs, positively impacting the bottom line.
Looking ahead, Huaneng Power International remains cautiously optimistic, focusing on strategic investments in renewable energy projects and infrastructure developments. The company aims to leverage its diversified energy portfolio and operational efficiency to navigate the evolving energy landscape and enhance shareholder value.
