Huaneng Power International, Inc. Announces Results for the First Three Quarters of 2008
Net Loss Attributable to the Company's Equity Holders Amounted to RMB2.63 Billion
BEIJING, Oct. 21 /Xinhua-PRNewswire-FirstCall/ — Huaneng Power International, Inc. (the “Company”) (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the nine months ended September 30, 2008.
(Logo: http://www.xprn.com/xprn/sa/200705141256.JPG )
Under the PRC Accounting Standards, for the first three quarters of 2008, the Company realized consolidated operating revenues of RMB50.12 billion, representing an increase of 36.75% over the same period last year. Net loss attributable to equity holders of the Company amounted to RMB2.63 billion.
In the first three quarters of 2008, newly operated generating units and newly acquired generating units provided strong support to the growth of the Company’s power generation. Meanwhile, continued growth in electricity demand in the regions where the Company’s power plants are located provided room for an increase in power generation. The Company’s total domestic power generation based on a consolidated basis amounted to 140.375 billion kWh, an increase of 12.73% over the same period last year. Power generation of Tuas Power Ltd. in Singapore amounted to 7.521 billion kWh for the first three quarters of 2008, representing an increase of 0.14% over the same period last year (i.e. 7.510 billion kWh). Among the power generation of Tuas Power, power generation attributable to the Company (commencing from 25 March 2008, the date on which the accounts were consolidated) amounted to 5.264 billion kWh. However, since the prices of thermal coal remained at high levels and the tariff adjustments failed to compensate the rise in fuel costs, the Company continued to record a loss in the third quarter of 2008, thereby increasing the amount of loss for the first three quarters.
Based on a preliminary estimate by the Company, it is expected that the Company may record an unaudited loss in 2008. The loss is mainly due to the reason that prices of fuel coal stay at high levels after a substantial increase of the prices. Although power tariffs have been adjusted upwards two times during the period, the increment is still unable to offset the rise of fuel costs. In case that the prices of fuel coal continue to stay at high levels in the fourth quarter while no new tariff adjustment is introduced, the principal business of the Company will suffer a loss. Detailed financial information will be disclosed in the 2008 Annual Report of the Company. Potential investors and shareholders of the Company should exercise caution when dealing in the shares of the Company.
Huaneng Power International, Inc. has a total generation capacity of 37,593MW on an equity basis and a controlling installed generation capacity of 40,989MW. The Company wholly owns sixteen operating power plants, an operating power company, and has controlling interests in thirteen operating power companies and minority interests in five operating power companies. Currently, it is one of the largest listed power producers in China.
Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2008. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with "Accounting Standards for Business Enterprises" of the People's Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS"). No reconciliation with IFRS has been made in the presentation of the summary financial information.
To view Huaneng Power International, Inc. Financial Statement, please visit: http://xprnnews.xfn.info/huaneng/20081021/Huaneng-3Q.pdf
For enquiries, please contact: Ms. Meng Jing or Ms. Zhao Lin Huaneng Power International, Inc. Tel: +86-10-6649-1856 or +86-10-6649-1866 Fax: +86-10-6649-1860 Email: firstname.lastname@example.org Ms. Carrie Lam or Mr. Karl Cheung Rikes Hill & Knowlton Limited Tel: +852-2520-2201 Fax: +852-2520-2241
Huaneng Power International, Inc.
CONTACT: Ms. Meng Jing or Ms. Zhao Lin of Huaneng Power International,Inc., +86-10-6649-1856 or +86-10-6649-1866, fax +86-10-6649-1860,email@example.com; Ms. Carrie Lam or Mr. Karl Cheung of Rikes Hill & Knowlton,+852-2520-2201, fax +852-2520-2241, for Huaneng Power International, Inc.
Web site: http://www.xprn.com/xprn/sa/200705141256.JPG