Huaneng Renewables’ H1 2013 net profit zooms 162.4%
Aug 21, 2013 - Chinese wind farm operator Huaneng Renewables Corp Ltd (HKG:0958) on Tuesday reported a first-half attributable net profit of CNY 646.1 million (USD 105m/EUR 79m), soaring 162.4% on the year.
The company, a unit of China Huaneng Group, had previously said that it expected its first-half attributable net profit to jump by over 100% from the CNY 246.2 million a year earlier. The projection was based on the relief of grid congestion in some Chinese regions, capacity additions, enhanced marketing activities as well as steady improvement in production and operation management.
The financial report on Tuesday showed that operating profit in the first six months of 2013 was CNY 1.66 billion, rising 61.9%.
Revenue jumped by 58.4% year-on-year to CNY 2.87 trillion, helped by wind power capacity additions. This resulted in increased sales of wind power at CNY 2.86 trillion, up 58.5% on the year.
At the end of June, Huaneng Renewables had 5,578.9 MW of installed capacity, or 10.4% more than a year back.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.