Huaneng Power International Inc. (00902.HK, 600011.CN) said its net profit rose 119 percent year on year to 9.18 billion yuan (US$1.5 billion) in the first three quarters. Revenue for the period fell 0.88 percent to 99.23 billion yuan, it said in a stock exchange filing Tuesday. Huaneng attributed the profit growth to lower fuel costs and more effective control of other expenses. In a separate filing, the company said it will buy new shares issued by Huaneng Sichuan Hydro Power Co. Ltd. for up to 219.19 million yuan. After the deal, its shareholding in Sichuan Hydro will be unchanged at 49 percent, the filing said.
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