HONG KONG, March 23 (Reuters) - Huaneng Power International , China's largest power producer, swung to a second-half profit, helped by a tariff increase and surging electricity demand in the world's fastest-growing major economy.
Huaneng's second-half net income, based on calculations by Reuters from previously reported earnings, totaled 3.06 billion yuan, compared with a 2008 loss of 3.94 billion.
The result was just below a forecast for a 3.12 billion yuan profit, according to a Thomson Reuters I/B/E/S poll.
Analysts have said Huaneng's earnings momentum could weaken in 2010 because state-regulated tariffs prevent it from passing on soaring coal costs to customers.
Compared with peers Datang Power, China Resources Power and Huadian Power , Huaneng is the most heavily exposed to rising coal prices as it had no coal mine assets in 2009.
(Reporting by Sui-Lee Wee, Editing by Dan Lalor and Don Durfee)
((suilee.wee@thomsonreuters.com; +852 2843 6314; Reuters Messaging: suilee.wee.reuters.com@reuters.net)) Keywords: HUANENG EARNINGS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Huaneng's second-half net income, based on calculations by Reuters from previously reported earnings, totaled 3.06 billion yuan, compared with a 2008 loss of 3.94 billion.
The result was just below a forecast for a 3.12 billion yuan profit, according to a Thomson Reuters I/B/E/S poll.
Analysts have said Huaneng's earnings momentum could weaken in 2010 because state-regulated tariffs prevent it from passing on soaring coal costs to customers.
Compared with peers Datang Power, China Resources Power and Huadian Power , Huaneng is the most heavily exposed to rising coal prices as it had no coal mine assets in 2009.
(Reporting by Sui-Lee Wee, Editing by Dan Lalor and Don Durfee)
((suilee.wee@thomsonreuters.com; +852 2843 6314; Reuters Messaging: suilee.wee.reuters.com@reuters.net)) Keywords: HUANENG EARNINGS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.