China's top power producer posts profit decline in Q1 on surging fuel cost
China's largest power producer, Huaneng Power International, posted on Wednesday a decline of 76.25 percent in net profit for the first three months this year on surging fuel costs.
Net profits totaled 226.26 million yuan (34.68 million U.S. dollars) from January to March this year, said the company in a statement filed with the Shanghai Stock Exchange.
Earnings per share of the company dived 75 percent from the same period last year to 0.02 yuan, according to the statement.
The profit drop resulted from a 25 percent growth in business revenues over the same period of time, which stood at 30.4 billion yuan along side a 30 percent decline in the companies total costs which reached 30.2 billion yuan.
The company attributed the slump in profit mainly to surging operating costs arising from hikes in fuel prices.
The company earlier this month said its electricity output increased 28.8 percent year on year to 75.4 billion kilowatt hours in the first quarter thanks to improving economic conditions and rising power demand.
Stocks of the company fell 0.51 percent to 5.8 yuan per share on Wednesday at the Shanghai Stock Exchange.
