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Zhejiang Zheneng Electric Power Forecasts Up to 62% Fall in H1 Attributable Profit; Shares Slide 9%

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Zhejiang Zheneng Electric Power (SHA:600023) forecasts a 54% to 62% fall in its net attributable profit to between 1.34 billion yuan and 1.61 billion yuan in the first half from 3.51 billion yuan in the year-ago period, according to a Wednesday filing with the Shanghai bourse.

The thermal power generation company attributed the expected fall to lower electricity prices from coal-fired power plants and higher coal prices in the second quarter.

Shares slid nearly 9% during afternoon trading on Wednesday.

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