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China Shenhua Energy H1 net profit up 35.7%

(Agencies)
Updated: 2008-08-08 15:34

China Shenhua Energy Co, the country's biggest coal miner, said Friday that its net profit rose 35.7 percent in the first half of the year, according to preliminary data.

Net profit for January-June was 16 billion yuan ($2.3 billion), the company said in a statement, up from 11.8 billion yuan in first-half 2007.

The State-owned company, whose shares are traded in Hong Kong and Shanghai, did not provide first-half revenue or output figures.

Shenhua Energy is among many Chinese energy companies benefiting from surging demand due to China's robust economic growth. But while demand remains strong, Shenhua and other coal producers have seen their earnings potential crimped by domestic caps on coal prices.

Beijing-based Shenhua earlier reported that it produced 115 million tons of coal in the first half of the year, up 17.7 percent over the same period of 2007. It exported 10.6 million tons, down 13.1 percent from a year earlier, as the government cut back on overseas shipments to counter severe shortages of coal needed for power generation at home.

Shenhua Group, the company's parent, owns coal mines, railways, ports and power plants. Most of its mining operations are in northern China's Inner Mongolia Autonomous Region.