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

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Copyright ? 2012 Dow Jones Newswires

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

phoenix coyotes bruce irvin charlie st cloud celtics josh hamilton nba playoffs rosario dawson