Energy

Huaneng Power returns to profits in 2009

(Xinhua)
Updated: 2010-01-29 13:29
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Huaneng Power International Co, China's biggest listed electricity producer, said Friday that preliminary accounting for 2009 showed it stepped out of the red in the past year.

The company's shares rose 0.41 percent from a previous close to open at 7.32 yuan Friday morning.

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In a brief statement to the Shanghai Stock Exchange, the company attributed the profit-making to cost reduction stemmed from a lower fuel price, plus a rising sales revenue.

Revenue in its major business in 2009 went up due to an electricity price hike in the second half of 2008, said the company.

China raised the price of coal-fired electricity by 0.01 yuan (0.145 cents) to 0.025 yuan per kwh in August 2008 in a bid to ease cost pressure for generators.

The company said it would reveal specific figures in the annual business report in 2009 later. But the date of release is yet to be announced.
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