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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.