Huaneng Power International, the listed body of China's largest power producer, disclosed late Sunday that its 2012 profit is expected to surge by more than 340 percent compared to a year earlier.
The big profit increase for last year can be attributed to "the carryover effect of the tariff adjustments in 2011, the decrease of the coal price in 2012 and effective cost controls," the Beijing-based company said in a press release filed to the Hong Kong Stock Exchange, without elaborating details of its financial status.
According to the electricity producer's latest financial reports, Huaneng's profit for the first three quarters of 2012 reached 4.2 billion yuan ($675 million), an increase of 197.40 percent year-on-year.
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