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Shenhua Q1 net profit falls 21pct on yr

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Publish time: 3rd May, 2016      Source: www.cnchemicals.com
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China Shenhua Energy Co., Ltd, the listed arm of coal giant Shenhua Group, realized net profit of 4.61 billion yuan ($711.8 million) in the first quarter of the year, falling 21.4% from the year prior, said the company in its quarterly report released on April 30.The operating revenue declined 4.6% year on year to 39.4 billion yuan during the same period, it said.In the first quarter, the company intensified sales of outsourced coal amid rebounded coal demand from downstream sector. Total coal sales reached 92.5 million tonnes or 27.2% of the year’s target, up 27.1% on year; while output of commercial coal stood at 71.3 million tonnes or 25.5% of the year’s target, up 2.9% on year.China Shenhua said it will continue to maximum the sale of coal traded at northern ports, and increase the sales of outsourced and exported coal properly in 2016.Data showed that sales of coal shipped via northern ports stood at 54.4 million tonnes in the first quarter, accounting for 58.8% of total sales.The production cost of the company’s self-produced coal stood at 106.3 yuan/t during the same period, sliding 7.5% from a year ago.Domestic coal demand may stabilize in traditional slack season under China’s policy of steady economic growth, and the supply glut will gradually be eased in the long run, said China Shenhua.