Huaneng Power International, China's largest power producer, said Wednesday its net profits in the first quarter of 2010 surged 40.9 percent from the same period last year.

Net profits hit 952.82 million yuan (139.57 million U.S. dollars) on the back of a 38.73 percent year-on-year rise in revenues for the first three months which totaled 24.34 billion yuan, said the company in a statement filed to the Shanghai Stock Exchange.

Earnings per share rose 33.33 percent to 0.08 yuan, according to the statement.

Huaneng said the strong performance in revenues and profits mainly stemmed from business expansion and sharp increase in power generation from January to March.

The company's stock ended Wednesday's morning session up 2.89 percent to 7.13 yuan per share.