Huaneng Power Shares Rise Sharply After 1Q Earnings Turnaround
By Yifan Wang
Huaneng Power International Inc. shares surged in Hong Kong early Wednesday, as investors welcomed the Chinese electricity producer's latest earnings turnaround.
The stock jumped as much as 12% and was last up 11% at HK$4.96 (US$0.63).
The rally came after Huaneng Power said it swung to a profit of CNY2.25 billion (US$324.5 million) in the first quarter, compared with a loss of CNY1.11 billion in the same period of 2022, when sharply higher coal costs weighed on the company's thermal power profitability.
The company had also reported a loss in the fourth quarter of 2022.
Huaneng attributed the first-quarter earnings rebound to lower input costs and higher electricity prices.
The favorable trend may extend into the rest of the year, Guosen Securities analysts said pointing to easing coal supply tightness and expected further pullback in coal costs.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
April 25, 2023 23:06 ET (03:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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