Coal producers report better profits
Source: www.chinamining.org Citation: Xinhua Date: Aug.7, 2017
Coal producers in China have reported impressive profits for the first half of this year.
Of China`s 37 listed coal companies, more than half have estimated half-year profits to double in the first half of this year from a year ago.
In its semi-annual report filed to the Shenzhen Stock Exchange, Henan Shenhuo Coal and Power Co Ltd. said the company`s net profits excluding non-recurring gains and losses increased more than 11 fold year on year to 576 million yuan ($86 million) due to a rise in prices.
Meanwhile, China Shenhua Energy Company, the country`s largest coal miner, announced earlier that its first-half profit jumped 147 percent from the same period last year to 24.3 billion yuan.
The company attributed the huge rise to higher coal prices.
Other coal producers, including Shanxi Xishan Coal and Electricity Power and China Coal Energy Company Limited, also reported hefty gains for the January-June period.
About 111 million metric tons of capacity was forced out of the market in the first half of this year, 74 percent of the annual target, according to the National Development and Reform Commission, China`s top economic planner.
In the first five months, large coal companies registered total profits of 123.4 billion yuan, 120 billion yuan more than the same period last year.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin in September 23-25, 2017. We invite you to join the event and to celebrate the 19th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.