Huaneng Renewables H1 net profit drops 63.4% Y/Y

Aug 21, 2012 - Chinese wind farm operator Huaneng Renewables Corp (HKG:0958) today posted a first-half net attributable profit of CNY 246.2 million (USD 39m/EUR 31m), 63.43% less than a year ago.

The company's profitability during the six-month period was affected by a drop in the market price of Certified Emission Reductions (CERs) as well as intensive electricity output constraints and low wind speed, it said in a statement on the Hong Kong Stock Exchange.

Operating profit fell by 15.21% year-on-year to CNY 1.03 billion.

Revenue grew by 11.86% to CNY 1.81 billion as the company's installed capacity grew, triggering an 11.77% on-the-year growth in revenues from electricity sales.

At the end of June Huaneng Renewables' installed wind farm capacity was 5,052.4 MW, up 36.1% in annual terms. The company has a project pipeline of 83,924.5 MW.

Huaneng Renewables, a unit of China Huaneng Group, listed on the Hong Kong Exchange in June 2011 after it wrapped up a HKD-5.93-billion (USD 764m/EUR 616m) initial public offering (IPO).

(CNY 1 = USD 0.157/EUR 0.127, HKD 1 = USD 0.129/EUR 0.104)

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