Stock Track | Huaneng Power Shares Slump as Q3 Profits Plunge Despite Revenue Growth

Stock Track10-30

Shares of Huaneng Power International, one of China's leading electric power companies, suffered a sharp decline of 5.10% on Tuesday, closing at HK$4.87 in Hong Kong trading. The plunge came after the company reported a significant drop in its third-quarter attributable profit, despite a marginal increase in revenue.

According to the company's filing with the Hong Kong stock exchange, Huaneng Power's attributable profit for the third quarter fell by a staggering 53% year-over-year to 2.96 billion yuan ($414 million). The substantial decline in profit occurred despite a 0.46% year-over-year increase in operating revenue, which reached 65.6 billion yuan ($9.2 billion).

Analysts attribute the steep decline in Huaneng Power's share price to the company's weak profitability, which fell short of market expectations. The disappointing earnings results raised concerns among investors about the company's ability to maintain sustainable growth and navigate the challenges in the power generation industry.

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