Huaneng’s Decent 3Q In Line; Eyes on Coal-Power Tariff Linkage Policy
Huaneng’s decent third-quarter result reaffirms our view that profitability for coal-fired power plants should have bottomed in the first half. Despite the 62% year-over-year decline, Huaneng’s third-quarter recurring net profit rebounded sharply to CNY 1.2 billion, from CNY 64 million in the second quarter, under PRC GAAP. This is largely in line with our expectations, and is driven by a strong 18% increase in power sales volume and a mild 1% rise in average on-grid tariff on sequential basis. ...
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