Huaneng Power suffers 31% profit drop to US$930m

Weak power demand growth hit plant utilisation hard.

China's largest power producer, Huaneng Power International, got hit by a massive 31% profit drop for this year's first half versus last year's. Its profit stood at 6.18b yuan (US$930m), down from 9.85b yuan (US$1.3b) last year.

Huaneng Power's plant utilisation is feeling the pinch of weak power demand growth and rising competition from nuclear and renewable energy output.