Huadian Power Gains as Profit Almost Triples: Hong Kong MoverAibing Guo
Huadian Power International Corp., China’s fourth-largest generator by market value, gained the most in more than four months after the company said 2013 profit may have almost tripled.
The stock rose 6.1 percent to HK$3.50, the biggest gain since Sept. 11, at the close in Hong Kong.
Profit may have risen as much as threefold in 2013 from the previous year, driven by increased power generation and lower fuel costs, the Beijing-based company said in a statement after the close of trade yesterday. Net income in 2012 was about 1.4 billion yuan ($231 million), it said.
“Due to the increase of the power generated by the company as compared with that of last year, and the drop in the unit fuel cost of the company, the profit of the company for the year 2013 is estimated to significantly increase,” Huadian Power said in the statement.
Nineteen analysts recommend buying the stock, five rate it a hold and one advises selling it, according to data compiled by Bloomberg. Huadian Power has rallied 23 percent in the last year, compared with a 3.8 percent decline in the benchmark Hang Seng Index.