Shares of HUANENG POWER (00902) tumbled more than 7% following the release of its financial results, with the stock trading down 7.03% at HK$5.29 as of the latest update, on turnover of HK$81.9523 million.

In its interim report, the company posted a 4.57% year-on-year decline in revenue to RMB 106.909 billion, while net profit attributable to shareholders fell 28.89% to RMB 6.586 billion. A closer look at the quarterly breakdown reveals that second-quarter net profit came in at RMB 2.102 billion, a sharp 53% drop from the RMB 4.484 billion recorded in the first quarter.

The earnings downturn was primarily driven by a combination of lower on-grid electricity volume and tariffs in the domestic market, alongside reduced fuel costs, which together weighed on overall profitability during the reporting period.