Huaneng Renewables posts 13% higher net profit in 2017

Ningxia wind farm using Goldwind turbines. Author: Land Rover Our Planet. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

March 26 (Renewables Now) - Chinese wind and solar park operator Huaneng Renewables Corp Ltd (HKG:0958) on Friday reported a net profit of CNY 3.06 billion (USD 487m/EUR 393m) for 2017, rising 13% in annual terms.

The company’s net profit attributable to equity shareholders for the 12-month period stood at CNY 3.01 billion, marking a 13.3% increase from 2016, a stock exchange statement showed. The Chinese firm has proposed to distribute a final dividend of CNY 0.043 in cash per ordinary share.

Huaneng Renewables' pre-tax profit rose by 17.1% on the year to CNY 3.4 billion, with revenues growing 14.2% to CNY 10.55 billion as the company sold 16.2% more electricity, totalling 21,665.7 million kWh.

At the end of 2017, Huaneng Renewables had 11,566.8 MW of installed capacity, up 4.3% from a year earlier. This includes 10,686.8 MW of wind capacity and 880 MW of solar capacity.

Gross power generation from the Chinese firm’s plants climbed by 15.4% year-on-year to 22,433,827.0 MWh, including 21,191,298.6 MWh of wind and 1,242,528.4 MWh of solar. The weighted average utilisation hours of its wind and solar farms increased both, coming at 2,082 hours and 1,590 hours, respectively.

“The Company adhered to the implementation of the “market-oriented” marketing philosophy and actively participated in onmarket transactions, effectively increased power generation, and achieved a significant reduction in curtailment rate,” Huaneng Renewables said.

(CNY 1.0 = USD 0.159/EUR 0.128)

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