Huaneng’s First Half Falls Short, but Signs Point to a Decent Second Half
Huaneng’s net profit tumbled 96% year over year to CNY 244 million in first-half 2017, mainly due to higher fuel costs, which came in slightly above our estimate, and higher-than-expected costs associated with its recent acquisition. We think performance should improve, as the jump in depreciation from the revaluation of newly acquired assets will be offset by a full period of revenue from these assets. However, increased labor costs and an upward adjustment in full-year fuel costs lead us to lo...
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