, a subsidiary of China Huadian Corp on Tuesday reported profits for the January-September period dropped 58% from a year earlier to 1.6 billion yuan with a third-quarter loss of 1.8 billion yuan., a listed arm of China Huaneng Group, also said their earnings in the first nine months of the year dropped 91% year-on-year to 783.9 million yuan, with a third quarter loss of 3.5 billion yuan.
Chinese coal prices have gained nearly 190% this year on tight supplies as a result of stringent safety inspections and anti-corruption probes at major mining regions, and heavy rains submerging dozens of coal mines in the northern part of the country. Huadian Power International said its operating costs in the first three quarters of the year rose by 38% year-on-year, while Huaneng Power International said costs climbed by 37% during that time.
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