Friday, August 24, 2012

China Shenhua Energy Net Profit Up on Higher Prices, Coal Sales

China Shenhua Energy Co. (1088.HK), the country's largest listed coal producer by output, said Friday its first-half net profit rose 17% from a year earlier, helped by higher prices and an increase in coal sales volume.

The Hong Kong- and Shanghai-listed company said in a statement its net profit for the six months ended June 30 was 26.74 billion yuan ($4.2 billion), up from CNY22.82 billion.

Revenue jumped 20% to CNY121.47 billion from CNY101.15 billion.

The coal producer said its first-half coal output rose 11% to 155.8 million metric tons, while coal sales rose 16% to 222.1 million tons.

China derives around two-thirds of its energy needs from coal and is the world's biggest producer and consumer of the fuel.

Write to Yvonne Lee at yvonne.lee@dowjones.com

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Copyright ? 2012 Dow Jones Newswires

Source: http://feeds.foxbusiness.com/~r/foxbusiness/latest/~3/S8RWsCaAfMA/

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