China Shenhua Energy (1088), the largest coal
producer in China, reported a 37.7 percent increase in first- quarter net
profit to 6.77 billion yuan (HK$7.55 billion) on robust demand.
Revenue rose 28.7 percent to 23.8 billion yuan, and earnings per share
were 0.34 yuan.
Domestic sales contributed 91.9 percent of total sales volume.
Commercial coal production increased 19.6 percent to 44.6 million
tonnes.
Total coal sales were up 21.7 percent to 56.7 million tonnes but export
sales dropped 20.7 percent to 4.6 million tonnes.
Shenhua said its weighted average price of coal per tonne had increased
by 10.3 percent at the end of March to 345.1 yuan, compared to 312.9 yuan
on December 31 last year.
The export sales price soared 15.8 percent to 461 yuan per tonne and
the domestic sales price rose 11 percent.
Shenhua's investment income slumped 81.8 percent from 11 million yuan
to 2 million yuan.
High mainland interest rates boosted financial income by 230 percent to
263 million yuan.
Expenses increased 66 percent to 1.31 billion yuan due to higher
exchange losses.
Shenhua shares jumped 4.04 percent yesterday to HK$38.60.
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