Huaneng Power International Inc. said third-quarter net profit more than doubled as lower operating and financing costs offset a drop in power prices and demand in China.

Net profit for the quarter was 3.40 billion yuan ($507.0 million) compared with CNY1.56 billion a year earlier, the Beijing-based company said late Tuesday.

Operating revenue fell 2.6% from a year earlier to CNY42.70 billion.

For the first nine months of the year, profit rose 69% to CNY9.13 billion, while revenue fell 4.3% to CNY121.82 billion, largely due to a decrease in power sales and prices in China, the company said.

Write to Singapore editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

10-27-20 2028ET