July 28, 2017 / 11:06 AM / 2 years ago

China Shenhua expects big jump in first-half profit

BEIJING, July 28 (Reuters) - China’s biggest coal producer China Shenhua Energy Co Ltd said on Friday it expected its first-half net profit to jump by almost 150 percent.

In profit alerts filed with the Shanghai and Hong Kong stock exchanges, Shenhua said earnings had been boosted by the satisfactory outcome of supply-side reforms in China’s coal sector which had boosted the market price of coal significantly.

In its Shanghai filing, the company said net profit in the first six months of 2017 was expected to be 24.3 billion yuan ($3.6 billion), a rise of about 147 percent from a year earlier.

In its Hong Kong filing, the company said its net profit attributable to shareholders was estimated to be about 26.28 billion yuan, or a rise of 143 percent year-on-year.

The Beijing-based producer also pointed to a higher volume of sales, having said on July 17 its commercial coal sales in the first half of 2017 were up 18.4 percent from a year earlier at 220.5 million tonnes.

Its shares closed down 1.26 percent at HK$18.76 (US$2.40) in Hong Kong on Friday. Trading in its Shanghai shares was suspended in early June amid speculation of a merger between its parent, Shenhua Group, and energy producer China Guodian Corp. ($1 = 6.7415 Chinese yuan renminbi) (Reporting by Tom Daly; editing by David Clarke)

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