UNBconnect... - China Shenhua profit up 17 percent on coal demand

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Sunday, 19 May 2013

China Shenhua profit up 17 percent on coal demand

Reported by: AP/UNBConnect
Reported on: August 27, 2012 10:09 AM
Reported in: Business

News - China Shenhua profit up 17 percent on coal demand

Beijing, Aug 27 (AP/UNB) - China Shenhua Energy Co., the country's biggest coal producer, says its first-half profit rose 17 percent on strong sales despite a weakening economy.

China Shenhua said it earned 26.7 billion yuan ($4.2 billion), or 1.34 yuan (21 U.S. cents) per share, in the six months ending June 30, up from 22.8 billion yuan ($3.6 billion) a year earlier. Revenue rose 20 percent to 121.5 billion yuan ($19.3 billion).

Shenhua's strong results came despite a slowdown in China's rapid economic expansion that saw growth fall to a three-year low in the second quarter.

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