By Wang Ying
Oct. 28 (Bloomberg) -- China Huaneng Group, the nation's biggest electricity producer, plans to cut annual spending by 5 percent this year because of a ``significant decline'' in nine- month profit.
The parent company of Hong Kong-listed Huaneng Power International Inc. will seek policy support from the central government, Huaneng Group said on its Web site.
Huaneng Power had a loss of 2.2 billion yuan ($322 million) between July and September because of higher coal costs and state caps on electricity tariffs, the company said Oct. 21.
To contact the reporter on this story: Wang Ying in Beijing at wang30@bloomberg.net.
Tuesday, October 28, 2008
Huaneng Group to Cut 2008 Spending by 5% After Profit Declines
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