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在线翻译:
szdaily -> Markets
Shenhua’s profit jumps as coal prices soar
    2017-October-30  08:53    Shenzhen Daily

NET profit at China’s biggest listed coal producer, China Shenhua Energy, nearly doubled in the third quarter amid a surge in coal prices and strong demand.

The results, announced Friday, are the first since the company’s parent, Shenhua Group Corp., announced plans in August to buy the country’s top utilities China Guodian Corp., China’s latest State-orchestrated tie-up.

After the merger, Shenhua’s coal-fired power assets will combine with those of Guodian’s GD Power unit in a new subsidiary that will including 40 plants across China’s major regions.

Shenhua reported a net profit of 14.3 billion yuan (US$2.15 billion) for the July-September period, compared with 7.5 billion yuan in same period last year, according to calculation using company data.

Its revenue rose 34.59 percent to 62 billion yuan a ton.

Government-enforced cuts to mining production in China have squeezed supply of coal and triggered a price rally.

Shenhua Energy produced 69.6 million tons of coal in the third quarter, down 5.4 percent from a year ago as the government stepped up environmental and safety inspections to improve mining and curb pollution.

Shenhua said in a previous earnings report that it had reduced its 2017 commercial coal output target to 278 million tons and its sales target to 396 million tons. (SD-Agencies)

 

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