A subsidiary of one of China’s five-biggest power generators saw its profit spike almost 50% in the first half of 2020, thanks to slumping fuel prices and despite widespread business shutdowns during the Covid-19 pandemic, reported Caixin.
Shanghai-listed Huaneng Power International Inc., which is owned by energy giant China Huaneng Group, saw its first-half profit jump 49.7% year-on-year to RMB 5.73 billion ($828 million), according to an interim report filed to the Shanghai Stock Exchange on Wednesday.
However, the company’s revenue shrank 5.21% compared with the same period last year to RMB 79.1 billion, mostly due to declining domestic electricity sales. As of June 30, Huaneng had a power generation capacity of 108 megawatts (MW) in China, with coal power making up 81.8%.