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China's Shenhua H1 net rises 43 pct

Business Materials 30 August 2008 06:32 (UTC +04:00)

China's Shenhua Energy Co Ltd, the world's top coal producer by market value, posted a 43 percent rise in first-half earnings, driven by a 17 percent increase in its output. ( Reuters )

Analysts are upbeat on the outlook for the rest of this year as strong demand from China, the world's top coal consumer, and a supply shortage push up prices.

January-June net profit rose to 14.82 billion yuan ($2.16 billion) from 10.36 billion yuan a year earlier.

Shenhua has said preliminary net profit for the first six month of this year rose 43.6 percent to 14.15 billion yuan, based on Chinese accounting standards.

Shares in Shenhua fell by a third in the first half, underperforming a 21 percent drop on the benchmark Hang Seng Index .HSI.

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