Business
21:11, 06-Aug-2017
China’s coal producers report better profits in H1
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Coal producers in China have reported impressive profits for the first half of this year. More than half of China's 37 listed coal companies have estimated half-year profits to double in the first six months from a year ago.
In its semi-annual report filed to the Shenzhen Stock Exchange, Henan Shenhuo Coal and Power Co Ltd said the company's net profits excluding non-recurring gains and losses increased more than 11-fold year-on-year to 576 million yuan (86 million US dollars) due to a rise in prices.
Meanwhile, China Shenhua Energy Company, the country's largest coal miner, announced earlier that its first-half profit jumped 147 percent from the same period last year to 24.3 billion yuan.
The company attributed the huge rise to higher coal prices.
Other coal producers, including Shanxi Xishan Coal and Electricity Power and China Coal Energy Co Ltd, also reported hefty gains for the January to June period.
About 111 million tons of capacity was forced out of the market in the first half of this year, 74 percent of the annual target, according to the National Development and Reform Commission, China's top economic planner.
As part of the effort to overhaul the economy, the Chinese government plans to eliminate 150 million tons of coal capacity this year.
(Source: Xinhua)