China top coal producer reports less profits in Q1

Source: Xinhua | May 2, 2016, Monday |

Online Edition

CHINA Shenhua Energy Company Limited, the nation's top coal producer, has said its net profits plummeted 28.3 percent year on year to 4.74 billion yuan (US$734 million) in the first quarter of 2016.

Shenhua, a State-owned enterprise listed both in Shanghai and Hong Kong, said in a statement that its revenue in the first quarter fell 4.6 percent to 39.4 billion yuan.

Shenhua's coal segment reported a year-on-year decrease of 49.6 percent in gross profit in the first quarter of 2016, owing to falling coal prices and rising sales cost, according to the statement.

China is the world's largest coal producer, but the coal sector is hard hit by an industrial glut. In the first quarter this year, oversupply remained unsolved in the coal market, Shenhua said in the statement.

Yet the coal price bottomed out as the relation between the supply and demand tends to be favorable for the suppliers, it said.

The share price of Shenhua rose 1.8 percent to 14.78 yuan apiece in Shanghai on Friday ahead of the statement. Its share price edged down 0.15 percent in Hong Kong.

Both the Shanghai and Hong Kong stock exchanges were closed on Monday for the Labor Day holiday.

Energy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

China top coal producer reports less profits in Q1

Email this to your friend