Business
16:37, 28-Oct-2017
China Shenhua profit doubles in first three quarters
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Shenhua Energy Company, China's largest coal producer, said Saturday that its net profits had more than doubled in the first three quarters of 2017, mainly due to rising coal prices and sales.
Their net profit attributable to shareholders surged 106 percent year on year to 35.65 billion yuan (5.36 billion US dollars), according to an unaudited quarterly report filed with the Shanghai Stock Exchange.
Its revenue rose 46.3 percent to 182.54 billion yuan.
Rising coal prices and more sales of coal and electricity during the period were the main reason for the strong growth, the report said.
In the first nine months, the company's coal sales rose 13.9 percent from a year earlier to 328.3 million tonnes, with the average price surging 49.1 percent to 422 yuan per tonne.
Its electricity production and sales both rose by more than 12 percent.
The company's main business includes coal production, railways, port transport and power generation.
Its Shanghai-listed shares rose 0.34 percent to close at 20.71 yuan Friday.
Source(s): Xinhua News Agency