Coal firms post higher profit in first quarter
Thanks to the economic recovery and production capacity resurgence, the country’s listed coal companies saw their profits soar during the first three months, and an analyst believes the momentum is set to continue.
The joint net profit of China Shenhua Energy Co Ltd and China National Coal Group Corp reached 15.1 billion yuan ($2.35 billion) in the first quarter with an average daily profit of 170 million yuan, up 44.5 percent year-on-year, according to the financial results of the country’s two major coal companies.
China Shenhua Energy Co Ltd-once the country’s top coal producer by volume before its merger with State-owned power generator China Guodian Corp to create the world’s largest energy conglomerate China Energy Investment Corp-said its revenue during the first three months stood at 67.6 billion yuan, up 32.4 percent year-on-year. Net profit jumped 18.4 percent to more than 11.6 billion yuan.
Coal firms post higher profit in first quarter-Thanks to the economic recovery and production capacity resurgence, the country's listed coal companies saw their profits soar during the first three months, and an analyst believes the momentum is set to continue.
By Reuters Staff
1 Min Read
SINGAPORE (Reuters) - State-run China Energy Investment Corp (CEIC) and China Reform Holdings Corp have set up a 10.02 billion yuan ($1.55 billion) fund to invest in clean and renewable energy projects, the state assets regulator said on Friday.
Upon launch, the fund is expected to generate about 50 billion yuan worth of financing in projects using wind, solar and hydrogen and energy storage, the State-owned Assets Supervision and Administration Commission said.
China has pledged to cap its carbon emissions at peak levels in 2030 when its total wind and solar installed capacity is forecast to top 1.2 billion kilowatts.
SINGAPORE (Reuters) - State-run China Energy Investment Corp (CEIC) and China Reform Holdings Corp have set up a 10.02 billion yuan ($1.55 billion) fu.